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Effective from Mar 01 2024 - Feb 29 2024 To view other versions open the versions tab on the right
The compliance function must ensure the following:
6.4.1
Review all new products and services from compliance, regulatory and financial crimes perspective and ensure that they conform to all applicable rules and regulations issued by SAMA and all other relevant regulators.
6.4.2
Products and services offered are compliant with all rules and regulations issued by SAMA and all other relevant authorities at all time.
6.4.3
Identify the risks of non-compliance that might arise from products and services, set plans to manage it, and evaluate these risks at least once annually.
6.4.4
Report to the Board at least once annually the risks of non-compliance and how it would be mitigated.
6.4.5
The compliance function must be the main contact point for liaison for submission of all applications for non-objection to introduce new products and services and to notify SAMA of any products and services in cases where non-objection is not required.
