(Includes: AML/CTF, FATCA, CRS and NCC)
AML & CTF
Riyad Bank is committed towards compliance with applicable laws and regulations by managing its regulatory risk through effective communication, by providing appropriate advice to business by reviewing the compliance requirements and recommending suitable action. Whilst we endeavor to strengthen our risk based compliance approach to avert any issues of non-compliance , Riyad Bank’s Management maintains high standards of Ethics and Conduct at all times while carrying out banking business and its activities by adhering to applicable laws/ regulations/ guidelines.
The Bank also complies with applicable standards of Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF) practices in all markets and jurisdictions in which the bank operates.
Further information on AML/CTF can be had from the following links:
Riyad Bank AML/CTF/KYC Overview Apr 2017
Riyad Bank AML Wolfsberg Questionnaire Dec 2016
US Patriot Act Certificate Mar 2017
Foreign Accounts Tax Compliance Act (FATCA)
Riyad Bank is a participating Foreign Financial Institution(FFI) and complies with the applicable regulations of General Authority of Zakat and Tax (GAZT) under the Ministry of Finance; and also complies with Foreign Account Tax Compliance Act (FATCA), a US Department of Treasury regulation. This is a new Tax legislation to help counter tax evasion by US persons.
FATCA came into effect from July 1, 2014 and Riyad Bank is committed to comply with this regulation as instructed by the competent authorities. Accordingly, information on US accounts is reported periodically.
Further information on FATCA can be had from the following links:
Frequently Asked Questions [Individuals]
Frequently Asked Questions [Entities]
Common Reporting Standard (CRS)
To support the fight against tax evasion and protect the integrity of tax systems, the governments across the globe are introducing a new information-gathering and reporting requirement for financial institutions known as Common Reporting Standards (CRSs).
On 2nd November 2016, the Organization for Economic Co-operation and Development (OECD) have announced that the Kingdom of Saudi Arabia have signed the Common Reporting Standards (CRS) and the Multilateral Competent Authority Agreement (MCAA) and is committed to the first exchange of financial account information by September 2018 and to this extent Riyad Bank is committed to comply with this regulation as instructed by the competent authorities.
Further information on CRS can be had from the following link:
Frequently Asked Questions
Nomination and Compensation Committee (NCC)
The Nomination and Compensation Committee (“NCC”) at Riyad Bank is governed by SAMA Principles of Corporate Governance, CMA Corporate governance Regulation, the Bank’s requirements and circumstances, in order to enable the Board of Directors to perform its duties in an effective manner.
The formation of the committee is according to policy and procedure laid down by the Board, indicating the duties, the duration and the powers of NCC committee, and the manner in which the Board monitors its activities.
The NCC shall carry out the following key tasks:
Identifying and recommending of nominees for selection as directors
Determine an incentives system and approving of compensation according to SAMA’s/CMA related instructions
Assess and evaluate Board members performance, nominate new candidates, and discuss the bank compensation and incentives policy