Alinma Bank has joined the Saudi Arabian Monetary Agency (SAMA) and the Ministry of Justice as a member of their Tanfeeth program, which facilitates the resolution of court cases related to financial dealings in the Kingdom. With Tanfeeth, Alinma will provide the Ministry of Justice with direct line-of-sight into transactions executed by Alinma account holders, thus expediting the investigatory process related to alleged financial crimes. The program further relates to various key objectives of Saudi Arabia’s Vision 2030.
Alinma Bank CEO Abdulmohsen Al-Fares said the bank was pleased to contribute to the safety, security, and propriety of financial dealings in the Kingdom. “Alinma Bank prides itself on its forward-thinking strategy and its leveraging of the very latest in financial technology,” said Al-Fares. “And thanks to the robustness of our technical systems, integration with SAMA and the Ministry of Justice was a clear-cut process; and we are happy to contribute to any effort that supports the safety, security, and ongoing growth and prosperity of the Kingdom.”
Tanfeeth was launched this year on Feb. 14 and aims to connect financial institutions directly with relevant government ministries and agencies, with the cooperation and oversight of SAMA.
Alinma Bank joins Tanfeeth to fight financial crimes
Alinma Bank joins Tanfeeth to fight financial crimes
