Principle (10) Delegation of Compliance Unit Tasks
| No: 42005223 | Date(g): 15/9/2020 | Date(h): 28/1/1442 | Status: In-Force |
Effective from 2020-09-15 - Sep 14 2020
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Limited Delegation Agreement and Responsibility
| 97- | The compliance unit's activities are central to managing compliance risk in 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 the central bank 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. | |
| Central Bank Approval | ||
| 99- | The delegation of any compliance activities is subject to the instructions issued by the central bank, including obtaining its no-objection prior to entering into any delegation agreements. | |