Article 46
| No: 2/م ش ت |
Effective from Feb 24 2013 - Feb 23 2013
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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. | |||