Regulators

Regulators

The Saudi Central Bank (SAMA)

SAIB is regulated and supervised by the Saudi Central Bank (SAMA) of the Kingdom of Saudi Arabia, which primarily manages the monetary policy especially against the stability of national currency (the Saudi Riyal) locally and foreign exchange reserves. SAIB management and its Board of Directors ensure compliance and diligently follow the SAMA’s policies and regulations in the banking transactions in delivering financial accessibility to corporate, SMEs and consumers. 

Management and the board of the Bank endeavors to maintain a transparent relationship with the SAMA’s supervision department and regular meetings are held to facilitate clear understanding of the Bank’s expectations on the one hand and regulatory expectations on the other. 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 Saudi Investment Bank is committed to achieving the highest level of transparency and compliance with laws, rules, regulations, and guidelines applicable to the Bank’s operations. The Bank has created dedicated units with the sole responsibility of implementing policies and procedures relating to compliance requirements. Furthermore, we have a comprehensive set of written policies and procedural manuals that have translated Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating Terrorism Financing (CTF) principles into effect. 

SAIB constantly engages and interacts with SAMA in ensuring and progressing in its compliance according to the detailed compliant plan. This communication includes the reporting of relevant disclosures such as Basel III and consultation for gaining transparency and preventing noncompliance. The Bank follows the SAMA Principles of Corporate Governance and the SAMA Rules on Compensation Practices.