Riyadh – Mubasher: Saudi Arabian Monetary Authority (SAMA) imposed financial penalties due to the irregularities in the bank’s employee's incentive programme, according to Reuters.

“SAMA found that the bank committed violations related to governance and supervisory regulations,” the news agency added. 

Banque Saudi Fransi (BSF) on Thursday stated that it is taking the necessary measures to recover paid amounts, which were not paid in compliance with the employees’ incentive programme.

The bank said that it will hold the responsible for this incident accountable, noting that the concerned amounts were entered into the disclosed financial statements, according to a filing to the Saudi Stock Exchange (Tadawul).

The necessary corrective measures to avoid any similar incident in the future were adopted, the bank concluded.