Banque Saudi Fransi Faces Fine Over Regulatory Violations

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Banque Saudi Fransi faces financial penalties over irregularities in an employee incentive programme, Saudi Arabia’s central bank SAMA said on Thursday.

It did not specify the size of the potential penalties.

SAMA said in a statement that it found the bank had committed violations related to governance and supervisory regulations. It noted the bank was taking legal action against individuals to recover amounts taken under the programme, without elaborating.

Source: Reuters