Regulatory Alerts2021-06-29
Amendment of the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by the Saudi Central Bank
The Saudi Central Bank (SAMA) issued Circular No. 42980755 to amend Appendix No. (1) of its Requirements for Appointments to Senior Positions, explicitly adding the Customer Care Manager role to the list of positions requiring a formal No Objection Letter. This amendment, effective immediately for all subsequent appointments, updates the existing framework established by Circulars No. 67/1994 and 67/4919 to ensure regulatory compliance for newly designated customer care executives across all banks operating in the Kingdom. Financial institutions must now secure SAMA's prior written approval for these appointments using the updated template, which is publicly available on the central bank’s official website.
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