Compliance & Anti-Money Laundering

Compliance Statement in Banque Saudi Fransi

Banque Saudi Fransi (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 is committed to protect its professional practice, clients and entities by adhering to the applicable laws, regulations and complying with the international standards as well in all aspects of the business it operates.

The compliance group’s main objective is to activate and enhance the compliance policy and its culture in all the bank activities, functions and businesses, as well as protecting the bank interests, and reducing the risk of non-compliance with the requirements, regulations and instructions. In addition, enhancing and maintaining the confidence of BSF integrity and reputation. BSF provide the best standards of security and protection for all its clients and shareholders to prevent any violation of laws and regulations. The process of identifying the risk is taking place periodically and continuously in order to avoid non-compliance via issuing internal policies and procedures that must be followed by all BSF’s employees and stakeholders. BSF has zero tolerance towards any violation or non-compliance with the policies. BSF implemented a code of conduct that is mandatory for all employees to be fully complied with.

Anti-Money Laundering and Terrorist Financing Statement

BSF is firmly committed to encourage highest possible standards in combating money laundering and terrorist financing activities. BSF is also committed to identify money laundering and terrorist financing transactions with high level of transparency and compliance with the applicable laws, rules and guidelines issued either by Saudi Central Bank (SAMA), and the relevant international organizations.

Additionally, BSF has implemented a program to combat money laundering and terrorist financing to prevent the use of the bank's branches either for retail and corporate, trade finance centers, BSF products in general and its affiliates as channels of illegal activities in connection with money laundering and terrorist financing and other financial crimes activities.

This program is ensuring compliance with global requirements, including the Financial Action Task Force (FATF) recommendations, local laws as well as Saudi Central Bank (SAMA), and other regulatory requirements to prevent illegal transactions or activities.

BSF has 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) program, monitoring customer transactions program, sanction program, training and awareness, monitoring suspicious activities & reporting procedures, and independent stress-testing program etc… Established BSF AML & CTF programs reviewed and evaluated by internal and external auditors along with the periodical visits by Saudi Central Bank (SAMA).

Know Your Customer Program

BSF implemented KYC procedures that established to ensure all customer information is well defined. BSF required all its customers to present a valid and updated identity documents based on the applicable requirements. BSF applied the proper due diligence measures to update & verify the customer information according to the risk profile rating or in case of trigger event.

BSF prevent account opening of anonymous, numbered, non-resident individual and entity in the country, and do not engage in any relationship with a shell bank.

Monitoring Customer Transactions Program

The monitoring of customer accounts activities is grounded on the identification of suspicious transactions generated by BSF automated monitoring system based on the updated scenarios and trends of ML typologies, and internal procedures. This will allow the authorized officer to take the required action to ensure that the transaction is 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 takes into consideration rectifying the violated accounts to comply with the applicable laws and regulations, BSF identify proper corrective action plans for the aforementioned accounts as well as provide and develop highly efficient programs and systems for monitoring.

Stress Testing on Anti-Money Laundering

BSF has implemented risk assessment procedures of the Bank’s business, products and services in order to identify and mitigate the risks may face the bank in respect of money laundering, terrorist financing. Establishing a comprehensive risk register of the AML and CTF risks that BSF may expos to. In addition, BSF identifying the gaps or weaknesses occurred internally and mitigate the impacts periodically.

Sanction Program

BSF has implemented a proper system 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 BSF to 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.

Training & Awareness

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 training policy and the applicable regulations, BSF provide periodic training to all employees including 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 utilizes several channels that provide training and awareness such as the E-learning platform, classroom, and through SMS, BSF intranet and social media.

FATCA and CRS statement

BSF has implemented Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) policies which intended to report of all BSF customers, business, and employees to provide an outline of the legislative and regulatory obligations which BSF must adhere in order to protect the reputation and financial position of BSF and its stakeholders by ensuring the fullest extent possible of complying with the specific provisions of FATCA & CRS.

  • Please see FATCA GIIN No: (4Q0CVP.00000.LE.682)
Anti-Bribery and Corruption and Financial Fraud Statement

BSF has implemented Anti-Bribery & Corruption, and Financial Fraud policies which intended to ensure that BSF is applying a comprehensive mechanism to combat bribery, corruption and financial fraud. Moreover, set roles and responsibilities of different stakeholders in terms of combatting bribery, corruption, and financial fraud 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 & financial fraud mechanisms and strategies implemented by BSF and any other relevant policies.

BSF established an appropriate control environment and channels for reporting of any potential bribery, corruption, and financial fraud activities through whistleblowing and applicable internal and external means, and periodic testing for the effectiveness.

Whistleblowing Statement and Tools (Violations Reporting)

BSF  is firmly committed to encourage the highest possible professional and practice standards in all its businesses. To achieve this, it encourages an environment and culture in which BSF parties can report all forms of non-compliant.

BSF has implemented a whistleblowing policy which intended to ensure that all employees and stakeholders feel supported in speaking up in confidence and reporting matters which they suspect may involve improper, unethical or inappropriate conduct and alike within BSF.

The policy is intended to enable those who become aware of wrongdoing in BSF to report their concerns, 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 is available through: this link

For more information about BSF please refer to our official website at

For more information related to Saudi Central Bank, please visit their website at