Compliance AML and CTF

Anti-Money Laundering and Combating Terrorist Finance Statement

Bank AlJazira works to achieve full compliance with all regulations and laws that issued in the Kingdom of Saudi Arabia in the field of combating Money Laundering and Combating Terrorist Finance (AML/CTF) such as Saudi Arabia Anti-Money Laundering Law and Rules of Anti-Money Laundering and Combating Terrorist Finance Guide issued by the Saudi Arabian Central Bank (SAMA). Bank AlJazira is committed for applying the recommendations of the Financial Action Task Force (FATF), as well as instructions of Basel Committee on Banking Supervision, relevant to AML/CTF.

In this regard, Bank AlJazira has, developed a program for combating money laundering and terrorist financing, which includes several key elements such as written policy and procedures manual, using automated transaction monitoring system, training and awareness programs. Additionally, it is committed to applying the principle of Know Your Customer (KYC) adopting a Risk-Based Approach for Customer Due Diligence (CDD) on all relationships and Enhance Due Diligence (EDD) for high-risk relationship, such as correspondent bank and politically exposed persons (PEPs).

In addition, implementing sanctions issued by the Security Council of the United Nations towards countries / territories individuals or entities, Bank AlJazira reviews all of activities and its businesses in these countries / regions, such as correspondent banking relations, trade finance and incoming and outgoing transactions. In addition, Bank AlJazira reviews names of sanctioned individuals and entities to take necessary actions to stop or hold dealing with such entities.

Bank AlJazira is in compliance with SAMA rules and regulations in regards to Record Keeping , restricting dealing with shell banks and prohibiting opening of anonymous or numbered account as stated in the AML Policies and Procedures as the bank ensures applying the highest procedures in identifying customers.

To achieve this, Bank AlJazira has implemented modern and sophisticated systems that monitor customer transactions, suspicious transactions and Screening names of individual, entities and countries/ Jurisdictions to ensure non-dealing with any party listed on the local or international sanctions lists. The system also contains multiple indicators to ensure monitoring all types of suspicious transactions, and thus immediately reporting any such transactions to the authorities in accordance with the approved policy and reporting procedures.

Bank AlJazira provides all relevant staff, including senior management with appropriate training and the necessary awareness in order to enhance staff awareness and increase their knowledge on the concept of AML/CTF activities. Moreover, Bank AlJazira continually updates contents of training material to ensure they meet the requirements of the Saudi Arabian Monetary Agency (SAMA), the recommendations of the Financial Action Task Force (FATF) and international regulations, relevant to combat money laundering and terrorist financing.

Know Your Customer policy (KYC)

Bank AlJazira ensure effective implementation of Know your customer (KYC) principle which enable the bank to identify ultimate beneficiary information for all customers at the process of on-boarding and during updates in case of any change in customers information.  

Politically Exposed Persons (PEP’s)

Bank AlJazira complies with all recommendations and guidelines of the Financial Action Task Force (FATF) and the instructions of Saudi Arabian Central Bank (SAMA), related to the classification of politically exposed person, their family members and close associates, and the identification and effective assessment of risks arises with this type of clients. This including obtaining additional information relating to their business activities and relationships and applying due diligence/enhanced due diligence procedures to their financial transactions.

Foreign Account Tax Compliance Act (FATCA)

Foreign Accounts Tax Compliance Act (FATCA)

Governments around the world are imposing increasingly new requirements on financial institutions related to gathering and reporting information in order to protect the credibility of tax systems in various countries. Information sharing systems include the United States' Foreign Account Tax Compliance Act (FATCA). The Kingdom of Saudi Arabia has demonstrated its commitment and the commitment of its’ financial institutions to comply with these international tax transparency initiatives.

Bank AlJazira is obligated to determine if it has clients who are U.S. persons or an entity owned by a U.S. Person (A U.S. Citizen or U.S. resident for tax purposes) or an entity incorporated in the United States. Under FATCA, financial institutions in the kingdom of Saudi Arabia are required to provide the U.S. Internal Revenue Service with the necessary information regarding their clients who are subject to this law.

Common reporting Standard (CRS)

CRS is a standard that aims for the exchange of tax information at the international level. This standard developed by the Organization for Economic Co-operation and Development, and designed to address tax evasion and improve tax compliance.

The Kingdom of Saudi Arabia is committed to this standard, with financial institutions in the Kingdom, including banks, asset managers, some insurance companies and authorized persons, to report certain information to the General Authority of Zakat and Tax.

Bank AlJazira is obligated under the Common Reporting Standard to collect additional information from its customers for tax purposes.


Report Violations

If you want to report any type of violation that has been committed or about to be committed by the bank's employees or stakeholders that relates to fraud, or embezzlement, or corruption, or illegal, unethical or unprofessional act, you may report it through one of the following channels:

E-mail: BAJ_Hotline@BAJ.Com.SA

Direct Line:

+966 12 609 8888

Ext.: 6600

Kingdom of Saudi Arabia - 3790 king Abdullah ibn Abdulaziz branch Rd - AlMursalat Dist. - Unit Number: 1- RIYADH 12462 - 6493 - Whistleblowing Unit.