BSF is a Saudi Arabian Joint Stock Company registered in the Kingdom of Saudi Arabia pursuant to Royal Decree No. (M/23) dated 4th June 1977, and licensed by Saudi Central Bank (SAMA).
BSF established according to the provisions of the Companies Law and its regulations, Banking Control Law, and Capital Market Law.
BSF (including all its subsidiaries, hereunder referred as BSF/BSF Affiliates) are committed to protect their professional practices, clients and entities by adhering to the applicable laws, regulations and complying with the international standards as well in all aspects of the businesses they operate.
In each BSF/BSF Affiliates, the highlighted compliance groups’ objective is to activate and enhance the compliance policies and the compliance culture in all their activities, functions, and businesses, as well as protecting the institutions’ interests, and reducing the risk of non-compliance with the requirements, regulations, and instructions. In addition, enhancing and maintaining the confidence of BSF/BSF Affiliates integrity and reputation. BSF/BSF Affiliates provide the best standards of security and protection for all their clients and shareholders to prevent any violation of laws and regulations. The process of identifying risk occurs periodically and continuously in order to avoid non-compliance by issuing internal policies and procedures that must be followed by each BSF/BSF Affiliates employees and stakeholders.
BSF has zero tolerance towards any violation or non-compliance with the policies. Each BSF/BSF Affiliates implemented a code of conduct that is mandatory for all their designated employees to fully comply with.
BSF (including all its subsidiaries, hereunder referred as BSF/BSF Affiliates) are firmly committed to encouraging the highest possible standards in combating money laundering and terrorist financing activities, and are obliged to comply with international sanctions. All BSF/BSF Affiliates prioritize the integrity of the financial system and are dedicated to preventing illicit activities that threaten the stability and security of their own operations. BSF/BSF Affiliates demonstrate an unwavering commitment to maintaining a robust AML/CTF framework within their own dedicated AML programs. BSF/BSF Affiliates are also committed to identifying money laundering and terrorist financing transactions with a high level of integrity, transparency, and compliance with all applicable laws, rules, and guidelines issued either by Saudi Central Bank (SAMA), Capital Market Authority (CMA), and any relevant local and international organizations.
Additionally, each BSF/BSF Affiliates have implemented strong designated programs to combat money laundering and terrorist financing to prevent the use of the institutions’ services for illegal activities in connection with money laundering, terrorist financing, insider trading and any other related financial crimes activities.
The programs ensure compliance with the relative global requirements, including the Financial Action Task Force (FATF) recommendations, local laws as well as Saudi Central Bank (SAMA), Capital Market Authority (CMA) and any other relevant regulatory requirements to prevent illegal transactions or activities.
Each BSF/BSF Affiliates have established robust AML & CTF policies and procedures grounded on local and global instructions to compact and prevent any criminal activities. The subject policies and proper controls covering several programs such as Know Your Customer (KYC) and beneficial owner program, customer acceptance programs, monitoring customer transactions programs, sanction programs, training and awareness, monitoring suspicious activities & reporting procedures, and independent stress-testing programs etc.
The established AML & CTF programs are periodically reviewed and evaluated by the institutions’ internal auditors along with the subject periodical authority inspection i.e. the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA).
BSF/BSF Affiliates implement KYC procedures that established to ensure all customers’ information is well defined to determine and verify the identity of the beneficial owner (UBO). BSF/BSF Affiliates required all their customers to present a valid and updated identity documents based on the applicable requirements. BSF/BSF Affiliates apply proper due diligence measures to update & verify their customers’ information according to their own risk profile rating or in case of trigger event.
BSF/BSF Affiliates prevent account opening which include but not limited to:
The monitoring of customers’ accounts activities is grounded on the identification of suspicious transactions generated by AML automated monitoring systems based on the updated scenarios typologies, risk assessments outcomes, and internal procedures. This will allow the authorized officers to take the required actions to ensure that the transactions are genuine. The suspicious transactions verification process comprise investigation, examination and analyzing the cases as well as identifying and taking appropriate measures regarding the AML transactions. Also, reporting the suspicious transactions to the competent authorities inside and outside the bank and applying the necessary follow-up.
BSF/BSF Affiliates take into consideration rectifying the violated accounts under their own institutions to comply with the applicable laws and regulations, and identify proper corrective action plans for the aforementioned accounts as well as provide and develop highly efficient programs and systems for monitoring.
BSF utilizes an advanced transaction monitoring system to include detection of suspected commercial concealment crime.
BSF committed to the adherence of the applicable laws and rules issued by SAMA to combat commercial concealment.
Each BSF/BSF Affiliates have adopted Brisk-based-approach and implemented risk assessment procedure of their own businesses, products and services in order to identify and mitigate the risks they may face in respect of money laundering, terrorist financing, and any related financial crimes. Establishing designated comprehensive risk registers of the AML and CTF risks that BSF/BSF Affiliates may expose to. In addition, BSF/BSF Affiliates identify the gaps or weaknesses occurred internally within their own institution and mitigate the impacts periodically.
Each BSF/BSF Affiliates are implementing designated proper systems for the screening of transaction and customer against the names listed either by local authorities and global organizations such as UN, OFAC and EU as well as the names listed by Saudi Central Bank (SAMA). The system implemented to support in mitigate the risk of non-compliant in applying the instructions of sanctions lists as well as preventing the execution of illegal or non-compliant transactions or activities, and to abide with local and international requirements related to sanctioned names for either individual, entity, and related parties.
Each BSF/BSF Affiliates involve risk-based approach to identify their high-risk clients, PEP, and their relatives and close associate’s parties either individually or by category, and accordingly implement enhanced due diligence measures to collect information about high-risk clients and business relationships and obtain required approvals in order to understand and evaluate ML &TF risks and monitor their transactions more accurately.
BSF/BSF Affiliates have implemented Anti-Bribery & Corruption policies which intended to ensure that BSF/BSF Affiliates are applying a comprehensive mechanism to combat bribery, corruption. Moreover, set roles and responsibilities of different stakeholders in terms of combatting bribery, corruption to ensure that it is subject to appropriate oversight and respective roles and responsibilities are communicated to the stakeholders among BSF. In addition, the Board of Directors provide an overall oversight to the anti-bribery, corruption and strategies implemented by BSF and any other relevant policies.
BSF/BSF Affiliates have established an appropriate control environments and channels for reporting of any potential bribery, corruption activities through whistleblowing and applicable internal and external means, and periodic testing for the effectiveness.
BSF/BSF Affiliates have firmly committed to encourage the highest possible professional and practice standards in all their businesses. To achieve this, we encourage an environment and culture in which BSF/BSF Affiliates parties can report all forms of non-compliant.
BSF/BSF Affiliates have implemented designated whistleblowing policies which intended to ensure that all employees and stakeholders of BSF/BSF Affiliates feel supported in speaking up in confidence and reporting matters which they suspect may involve improper, unethical or inappropriate conduct and alike within BSF/BSF Affiliates.
The policies are intended to enable those who become aware of wrongdoing in BSF/BSF Affiliates have to report their concerns regarding and to each BSF/ BSF Affiliates, so that they can be properly investigated. Reports can be made anonymously. However, if reporters put their names to allegations this policy established to protect reporters from any act of retaliatory, intimidating or threatening, and ensures that reports are examined with high level of professionalism.
The Whistleblowing form ( BSF bank )is available through: this link
BSF/BSF Affiliates have established a robust Counter-Fraud Risk Management Framework in accordance with the relevant applicable regulations and instructions (i.e., SAMA requirements) to effectively identify and address fraud risks, creating a policy towards governance, prevention, detection, and response and a risk-based approach to fraud mitigation. BSF/BSF Affiliates have established the necessary standards designed to prevent the exploitation of the institutions, their own customers, products, services, and employees in relation to fraud.
BSF and its BoD are committed to promoting honesty, integrity, and a 'zero tolerance' approach towards all fraudulent acts committed against BSF and have mitigating measures in place to prevent fraud perpetrated by any external or Internal individuals. In addition, BSF adopt a proactive approve in the prevention of external fraud, working closely with peer banks within the Kingdom as well as supporting the requirements outlined by SAMA.
Training and awareness are one of the fundamental tools to develop a robust compliance culture and considered one of the main responsibilities of compliance. Based on BSF/BSF Affiliates training policies and the applicable regulations, BSF/BSF Affiliates provide designated periodic training to all their own employees and their BoD, senior management and the new hires which is related to anti-money laundering and combating terrorist financing to inform them of the applicable regulations, instructions and developments relating to the field of combating money laundering and terrorist financing. In addition, providing a tailored training to the high risk and critical rolls at BSF/BSF Affiliates.
Each BSF/BSF Affiliates ensure to utilizes several channels that provide training and awareness such as the E-learning platform, classroom, and through SMS, BSF/BSF Affiliates intranet and social media.
BSF/BSF Affiliates ensure appropriate record-keeping in line with applicable laws and applicable authorities requirements considering the complexity of their own business which helps the investigating authorities to establish a financial profile of a suspect, trace the criminal or terrorist property or funds and assist the court to examine all relevant past transactions.
For more information about BSF, please refer to our official website at www.BSF.sa.
You may also refer to (BSF Capital) and (J-B) websites for more information related to BSF Affiliates.
For more information related to Saudi Central Bank, please visit their website at www.sama.gov.sa.
Last update: 30/09/2024 .
