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Saudi regulator fines 16 banks

The Saudi Arabian Monetary Authority (SAMA) has fined 16 banks, including a leading UAE bank and some of Kingdom’s largest banks, for violating its laws. It has asked all these banks to correct the violations. SAMA said the banks were fined for violating the ‘individual responsible finance principles’ to implement principles of justice and transparency and to ensure full compliance with the responsible finance that should meet with the actual needs of all the segments of the society. It, however, did not disclose the details of the fines. The banks that were fined are Al Rajhi Bank, Al Ahli Bank, Saudi Fransi Bank, Al Riyad Bank, Al Jazira Bank, Emirates NBD, Alinma Bank, Saudi Home Loans, Dar Al Tamleek, Abdulalatif Jameel Finance, Saudi Fransi for Finance, Nayifat Finance Company, Flexible Murabaha Finance, Al-Jabr Financing Company and Raya Financing Company. The UAE bank NBD had opened its second branch in Riyadh in November 2018, and it has four branches in the Kingdom.

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