Regulatory Alerts2023-11-08
Emphasis on Compliance with Regulations for Advertising Products and Services Offered by Financial Institutions
The Saudi Central Bank mandates that all financial institutions fully comply with advertising regulations by obtaining customers' written or electronic consent and granting them a permanent, easy right to opt out of marketing communications through their preferred channels. The directive requires banks to review existing procedures for direct and third-party service delivery, ensuring all marketing campaigns operate in the customers' best interests. Relevant internal policies must be promptly updated to align with these regulatory requirements and maintain high professional standards in customer communications.
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