Regulatory Alerts2023-05-21
Circular Re. Instructions for Practicing Digital Mediation Activity
The Saudi Central Bank issued these Instructions to establish minimum technical, operational, and contractual standards for licensed digital mediation institutions. The document mandates robust cybersecurity, accurate client identification, strict data retention, and clear disclosure of fees and conflicts of interest through a centralized platform. It further requires formalized agreements between institutions, clients, and financing entities, while granting the Central Bank authority to exempt institutions from specific provisions or enforce compliance under the Financing Companies Monitoring System.
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