Anti-Money Laundering

Anti-Money Laundering

SAIB Compliance with KYC, AML and CTF Guidelines

This statement constitutes a confirmation of The Saudi Investment Bank's commitment to achieve the highest level of transparency and compliance with laws, rules, regulations and guidelines applicable to the prevention and detection of money laundering and combating terrorism financing as per the Saudi Arabian Monetary Agency (SAMA) instructions.

SAIB has a comprehensive set of written policies and procedures manuals that have translated KYC, Anti Money Laundering and Combating Terrorism Financing (AML and CTF) into effect.

  • The Saudi Investment Bank has created dedicated units with the sole responsibilities of implementing policies and procedures relating to compliance, AML and CTF requirements.
  • The Saudi Investment Bank actively and systematically pursues and implements AML, KYC and CTF programs.
  • The Saudi Investment Bank is regulated and supervised by the Saudi Arabian Monetary Agency (SAMA), Kingdom of Saudi Arabia, where the bank is domiciled and where the license to conduct banking business, has been issued.
  • The Saudi Arabian Monetary Agency (SAMA) requires all financial institutions operating in the Kingdom of Saudi Arabia, to have AML, KYC, and CTF procedures and has circulated guidelines for the same. The Saudi Investment Bank is in compliance with such guidelines and has established written policies and procedures relating to combating money Laundering activities. It also has established dedicated units that monitor the implementation of said policies and procedures. The AML policies cover all the bank's various units and branches.
  • The Saudi Investment Bank confirms that the Bank's Internal and External Auditors regularly test the adequacy of AML policies and procedures and their application.
  • The Saudi Investment Bank has a well-established "Know Your Customer" policy, which is strictly enforced throughout the bank, whereby the customer's data is captured in the bank's database and regularly updated as required.
  • The Saudi Investment Bank does not open accounts for "Shell banks" i.e. with no physical presence.
  • The Saudi Investment Bank has a formal documentation retention and retrieval policy, under which records are maintained for customer identification, account data and transaction records, in accordance with the laws and regulations of the Kingdom of Saudi Arabia.
  • For all incoming and outgoing fund transfers, The Saudi Investment Bank identifies the applicant's and the beneficiary's names and addresses as well as the purpose of the transfer (as deemed necessary) and abides by the Saudi Arabian Monetary Agency (SAMA)'s monitoring guidelines on funds transfers.
  • The Saudi Investment Bank conducts regularly training programs for AML, KYC, and CTF procedures, systems and initiatives for all its employees and for its new hires.
  • The Saudi Investment Bank participates in combating money-laundering activities jointly with the other Saudi Banks and is an active member of the Financial Crimes and Money Laundering Committee (AFCML), which holds regular meetings under the auspices of SAMA.