Regulatory Alerts2023-03-05
Circular Regarding Rules for Advertising Products and Services Provided by Financial Institutions
The Saudi Central Bank (SAMA) issued this circular to establish binding advertising standards for all licensed financial institutions, mandating clear, accurate, and transparent promotional materials in Arabic or targeted languages. The rules require comprehensive disclosure of fees, APRs, risks, and target segments while prohibiting misleading claims, unauthorized use of the SAMA logo, and non-compliant third-party promotions. Financial institutions must implement a dedicated advertising policy, obtain customer consent for data usage and marketing communications, and ensure compliance through internal oversight, with a 60-day grace period for policy development.
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