Effective from 2019-11-17 - Nov 16 2019 To view other versions open the versions tab on the right
The senior management is responsible for the continuous implementation and monitoring of compliance with the AML/CTF requirements in the financial institution. The main responsibilities of the senior management include, but are not limited to, the following:
a)
Identifying, assessing, and understanding ML/TF risks arising from new products or services, distribution channels, or customers.
b)
Establishing a program for AML/CTF that includes setting up and developing policies, procedures, and controls in line with the latest means, techniques and methods of ML/TF.
c)
Adopting internal procedures and controls to mitigate ML/TF risks.
d)
Reviewing policies and procedures periodically (at least once a year) by establishing an appropriate mechanism for periodic review of the main AML/CTF policies and procedures to ensure that they are continuously effective and consistent with the changes in products and services of the financial institution and to address new and emerging risks from ML/TF activities.
e)
Taking actions with regard to all important recommendations issued by the AML/CTF compliance department, the independent auditor, and supervisory authorities concerning the level of compliance with AML/CTF requirements.
f)
Providing the board of directors with sufficient relevant information in a timely manner about matters relating to AML/CTF.
g)
Providing appropriate specialized training for employees in the AML/CTF compliance department and those working in the same field on an annual basis to ensure effective performance of their duties and functions.
h)
Creating a continuous training program for employees of the financial institution to enable them to obtain sufficient knowledge and understanding and fulfill their responsibilities related to AML/CTF.
i)
Supporting the functions of AML/CTF compliance and independent audit appropriately in terms of staff, technical systems, information, and budget in order to effectively implement, manage and monitor the AML/CTF program requirements.
j)
Following up on the implementation of the instructions and circulars issued by Saudi Central Bank regarding AML/CTF.
