Regulatory Alerts2015-05-20
Requirement to Exchange Customer Credit Information Only Through Licensed Companies (SIMAH)
The Saudi Arabian Monetary Agency (SAMA) issued this circular to emphasize that the collection, exchange, and protection of consumer credit information must only occur through companies licensed by SAMA. This directive refers to the Credit Information Law (Royal Decree No. M/37, dated 05/07/1429 AH) and its Executive Regulations (Governor's Decision No. AQ/13709, dated 22/09/1432 AH), which established the framework for handling such data. Any arrangements or agreements for exchanging credit information outside the scope of SAMA-licensed companies, such as SIMAH, are considered a violation of the law and its executive regulations, subject to penalties.
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