Regulatory Alerts2018-01-08
Instructions on Documentation and Record Keeping
The Saudi Arabian Monetary Authority (SAMA) issued these Instructions to mandate that banks operating in the Kingdom transition paper records and documents to secure electronic storage after an initial ten-year paper retention period. The regulations require financial institutions to establish internal policies covering electronic system procedures, indexing, access controls, data integrity standards, and information security with disaster recovery capabilities. Furthermore, banks must enforce strict access permissions, maintain confidentiality, certify long-term electronic copies upon request, and undergo annual internal audit and compliance reviews to ensure ongoing adherence.
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