Regulatory Alerts2015-11-25
Confidentiality of Banking Information
The Saudi Arabian Monetary Authority (SAMA) reiterates strict compliance with previous directives prohibiting the disclosure of any customer financial or banking information to any third party, including individuals, institutions, or government entities, without prior non-objection from the Authority. This circular mandates that all regulated entities, including banks, money exchange institutions, and SIMAH, must immediately instruct all departments and branches to enforce this confidentiality requirement. Recipients are required to acknowledge the directive and confirm implementation to the Authority within one week of issuance.
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