The compliance department must ensure the Finance Company’s compliance with applicable laws, regulations and circulars. It has, without limitation, the following tasks:
| | 1. | Identifying and dealing with all compliance risks and monitoring all relevant developments; |
| | 2. | Analyses new procedures, policies and operations. and suggesting the procedures to address relevant compliance risks; |
| | 3. | Following a risk-based compliance program and including its findings in the report referred to in Article 44 of this Regulation; |
| | 4. | Collecting compliance complaints and formulates written guidance for staff, where necessary; |
| | 5. | Drafting internal policies and procedures to combat financial crimes, such as money laundering and terrorism financing; |
| | 6. | Monitoring compliance with all applicable anti-money laundering and anti-terrorism financing laws, regulations, and rules; |
| | 7. | Promoting awareness of compliance issues and providing training for employees on compliance related matters through periodic programs; and |
| | 8. | Reporting any irregularities and/or violations promptly to SAMA and the Audit Committee. |
