Regulatory Alerts2015-10-20
Participation in Qawaem Program Prepared by the Ministry of Commerce
The Saudi Arabian Monetary Authority issued a circular urging all banks operating in the Kingdom to actively participate in and rely exclusively on verified financial statements from the "Qawaem" program, which was established by the Ministry of Commerce and the Saudi Organization for Chartered and Professional Accountants to enhance transparency and accuracy in entity financial reporting. This directive mandates that banks accept only the authenticated statements available within the Qawaem platform, effective for financial statements covering the year 2014 and onwards. By doing so, regulators aim to streamline financial data utilization, reduce reporting discrepancies, and strengthen stakeholder confidence in Saudi corporate financial disclosures.