Regulatory Alerts2019-01-23
Positions Intended for Directors of Main Departments in Finance Companies or Their Representatives
The Saudi Central Bank (SAMA) clarifies the specific scope of "directors of main departments or their representatives" under the Finance Companies Control System Executive Regulations to standardize prior non-objection appointment requirements. The directive explicitly limits this designation to the directors of the Credit, Operations, and independent Anti-Money Laundering functions, or their equivalents. All other function directors reporting directly to the Chief Executive Officer are exempt from prior approval and only require notification to SAMA upon appointment or resignation.
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