AML / CTF - Riyad Bank

We believe in Riyad Bank in our role as a financial institution efforts to combat Money Laundering and terrorism financing therefore we stress on our implementing strict standards that are consistent with the legal and regulatory requirements in the Kingdom of Saudi Arabia. The applications of those requirements are subjected to periodic and consentient review to assure predominantly the following:

  1. Accuracy of procedures in the light of the criteria adopted
  2. The validity of our standards in comparison with regulations and laws
  3. Applicability of the principles and procedures with the standards

These tasks are carried out and inspected by a team of experienced specialists.

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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 on 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.

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FATCA Entities
FATCA Individuals

Common Reporting Standard (CRS):

To support the fight against tax evasion and protect the integrity of tax systems, governments across the globe are introducing a new information-gathering and reporting requirement for financial institutions known as Common Reporting Standards (CRS).

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 was committed to the first exchange of financial account information on September 2018 and to this extent Riyad Bank is committed to comply with this regulation as instructed by the competent authorities.
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For further information kindly visit SAMA website: http://www.sama.gov.sa