**Regulatory Compliance**: Al Rajhi Bank, like all banks in Saudi Arabia, is subject to regulations set by the Saudi Arabian Monetary Authority (SAMA). This includes compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT

Certainly! Here's a more detailed overview of regulatory compliance and transaction limits concerning Al Rajhi Bank and the banking sector in Saudi Arabia. ### Regulatory Compliance 1. **Role of the Saudi Arabian Monetary Authority (SAMA)**: - SAMA is responsible for maintaining the stability of the financial sector, issuing regulations, and ensuring that banks comply with applicable laws and regulations. This includes the oversight of financial institutions to protect consumers and maintain the integrity of the financial system. 2. **Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)**: - Banks in Saudi Arabia, including Al Rajhi Bank, are required to implement strict AML and CFT measures. This includes, but is not limited to: - **Customer Due Diligence (CDD)**: Banks must conduct thorough background checks on customers to ascertain their identity and the legitimacy of their source of funds. - **Monitoring Transactions**: Ongoing monitoring of customer transactions is essential to detect any suspicious activity that could indicate money laundering or terrorist financing. - **Reporting Obligations**: Banks are mandated to report suspicious transactions to SAMA’s Financial Intelligence Unit (FIU) without delay. - **Training and Awareness**: Banks need to train their employees on identifying and handling suspicious transactions effectively. 3. **Compliance Culture**: - Developing a culture of compliance within the bank is crucial. This includes regular audits, risk assessments, and the establishment of internal policies to ensure adherence to regulations. 4. **Penalties for Non-Compliance**: - Non-compliance with AML and CFT regulations can result in severe penalties, including fines, loss of banking licenses, and reputational damage. ### Transaction Limits 1. **Local vs. International Transfers**: - Transaction limits may differ based on whether the transfer is local (within Saudi Arabia) or international (to other countries). These limits are determined by regulatory directives as well as the bank's internal policies. 2. **Local Transfers**: - Local transaction limits could be less restrictive, allowing for larger amounts to be transferred within the country. However, banks may still impose limits to mitigate risks and ensure compliance with regulations. 3. **International Transfers**: - For international transfers, banks like Al Rajhi Bank might impose lower limits due to increased scrutiny from regulatory authorities and the complexities involved in cross-border transactions. - Factors influencing the limits include the destination country, regulatory requirements in both Saudi Arabia and the recipient's country, the nature of the transaction, and customer risk profile. 4. **Exemptions and Increased Limits**: - In specific cases, customers may be able to apply for exemptions or increased limits, especially for businesses or those with verified high-volume transaction needs. This would typically involve a more thorough review and additional due diligence by the bank. 5. **Transfer Method**: - Transaction limits can also vary based on the method of transfer, whether through electronic funds transfer, wire transfer, or other payment methods. Some methods may have predefined limits set by both the bank and the regulatory framework. Understanding these regulatory requirements and transaction limits is crucial for both consumers and businesses engaging in banking services in Saudi Arabia, as they promote a secure and compliant banking environment.