SAMA, others impose 247 fines on Riyad Bank

Riyad Bank said that it has been fined SR 13.8 million by Saudi Central Bank (SAMA) and other governmental bodies which imposed 247 fines on the bank in 2021 against imposing 176 fines (worth SR 9.2 million) on it in 2020.

According to the bank’s report published on Tadawul, SAMA imposed 33 fines (worth SR 13 million) against Riyad Bank from 30 fines worth SR 6.6 million in 2020.

These fines are concerning violating SAMA regulations and customer non-protection besides violating anti-money laundering and anti-terrorism regulations.

Meanwhile, Saudi governmental bodies imposed 214 fines worth SR 745.4K on Riyad Bank.

It should be noted that that bank reported profit jump of SR 27.8% to SR 6.03 billion in 2021 from SR 4.7 billion the year before.