Principle (10) Delegation of Compliance Unit Tasks
| No: 42005223 | Date(g): 15/9/2020 | Date(h): 28/1/1442 | Status: In-Force |
Translated Document
Limited Delegation Agreement and Responsibility
| 97- | The activity of the compliance unit is considered a primary function in managing non-compliance risks within the bank. While some specific activities may be delegated to specialized entities, they must remain under the supervision and responsibility of the Chief Compliance Officer. The Chief Compliance Officer is ultimately responsible for ensuring compliance and cannot delegate their responsibility to others. | |
| Suitability of Agreements with Tasks | ||
| 98- | The bank must ensure that any agreements or arrangements for delegating some compliance tasks do not impede the effectiveness of supervision by SAMA or other regulatory and supervisory bodies. Regardless of delegating certain tasks that the bank deems necessary, the primary responsibility for ensuring compliance with all regulations and instructions remains with the board and senior management. | |
| SAMA Approval | ||
| 99- | The delegation of any compliance activities is subject to the instructions issued by SAMA, including obtaining its non-objection prior to entering into any delegation agreements. | |