SAMA, others impose 118 fines on Al Bilad Bank

Al Bilad Bank said that it has been fined SR 2.9 million by Saudi Central Bank (SAMA) which imposed 17 fines on the bank in 2021, while other governmental bodies imposed 101 fines worth SR 310.3K.

According to a statement published on Tadawul, 4 fines worth SR 245K were imposed on Al Bilad Bank for non-compliance to SAMA regulations, while other 2 fines worth SR 1.6 million imposed for non-protection of customers.

Moreover, other fines were imposed as a result of forged SR 45K banknotes and violating anti-money laundering and anti-terrorism regulations.

It should be noted that Al Bilad Bank reported a profit surge of 25% to SR 1.7 billion in 2021 from SR 1.3 billion.