Banque Saudi Fransi to face fine over regulatory violations
(MENAFN) Banque Saudi Fransi (BSF) faces a fine over irregularities in an employee incentive program, said Saudi Arabia"s central bank on Thursday.
The Saudi Arabian Monetary Authority (SAMA) did not specify the size of the potential penalty.
However, it said in a statement that it found the bank had violated some governance and supervisory regulations.
SAMA also noted that the bank was taking legal action against individuals to recover funds taken under the incentive program, but it gave no indication whatsoever of how many funds were involved and did not clarify what the irregularities were.
The Saudi Arabian Monetary Authority (SAMA) did not specify the size of the potential penalty.
However, it said in a statement that it found the bank had violated some governance and supervisory regulations.
SAMA also noted that the bank was taking legal action against individuals to recover funds taken under the incentive program, but it gave no indication whatsoever of how many funds were involved and did not clarify what the irregularities were.
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