In the context of relationships, gifts and hospitality are offered and/or accepted, thus, the Financial Institution Staff shall exercise caution and apply sound judgment when presenting and accepting gifts to or from Stakeholders. This aims at protecting the integrity of the Financial Institution and staff as per the institution's gift and hospitality policy.
To protect the principle of professionalism, an assessment shall be made to determine whether the gift or hospitality is reasonable, appropriate and justified or not, taking into account the value, nature, time and intended intentions of such gift /hospitality. The Financial Institution Staff shall:
| a. | Not request or accept any gifts invitation, service or anything of material or non-material value whether for himself/herself or his/her personal relationships from natural or legal persons that have or seek to have a relation with the Financial Institution, which may directly or indirectly affect the objectivity of the Financial Institution Staff in implementing their tasks, the decisions made or may force them to commit to do something in return.
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| b. | Understand that any current or former employee violating, participating or assisting in violating the laws related to requesting or accepting gifts and invitations will be held accountable for such actions.
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| c. | Accept the gift presented if rejection would be offensive to the Financial Institution, rejection is not practically possible or if presented to the staff in official visits, events or receptions, in accordance with the rules of etiquette and protocol followed in visits and events. However, the acceptance of the gift shall be subject to the following:
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- the gift shall not be cash, loan, share or financial derivative.
- the gift and its value shall be according to the usual practices followed in a particular event, such as trophies.
- if the gift is a fee discount or exemption, it shall be related to an invitation to attend a conference or meeting that enhances knowledge, positively reflects on the business of the Financial Institution and does not result in a conflict of interest.
- the gift shall not be presented due to the recipient's position or work at the Financial Institution.
- the person presenting the gift shall not have private or public interest that he/she wishes to get from the Financial Institution or one of its staff.
| d. | An employee may accept a prize from an entity with which the Financial Institution has a relationship due to his/her achievement as follows:
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- the prize shall be awarded as part of an announced and recognized program on a regular basis.
- the winner selection shall be according to an announced criteria.
- prior approval shall be obtained from the Financial Institution.
| e. | The gift recipient shall submit a written disclosure form to the compliance department directly after receiving the gift in the following cases:
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- if the gift has a value and can be sold.
- if the gift is perishable and of a value exceeding (1000) SAR.
| f. | The Financial Institution Staff shall not offer gifts, grants or invitations to those who personally have business relationships with the Financial Institution, unless offered by the competent department as per the approved policy on this regard.
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| g. | Gifts and grants that may damage the reputation of the Financial Institution shall not be accepted or requested.
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