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.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Headquarters
Banking Supervision Department Ref. No.: ........................ B.S. Attachments: ........................
Circular
Ref. No.: 371000018717 Date: 14/02/1437 AH Attachments: ........................
To: ...........................................................
Subject: Confidentiality of Banking Information
Greetings,
With reference to the Authority's circulars No. M.A.T/150 dated 29/6/1422 AH, No. M.A.T/97 dated 13/3/1424 AH, No. B.S./207 dated 5/3/1430 AH, No. M.A.T/15969 dated 3/7/1431 AH, No. M.A.T/6442 dated 19/3/1432 AH, and their preceding circulars regarding the mechanism for disclosing banking data and information, and the necessity to comply with not providing any information about customers except after contacting the Authority and obtaining its non-objection.
Therefore, the Authority reiterates the necessity to comply with the aforementioned circulars and not to provide any financial or banking information regarding your customers or your banking transactions to any entity whatsoever, whether individuals, institutions, government entities, or any other local or foreign entities, except after referring to the Authority and obtaining its non-objection.
I hope for your acknowledgment, and to notify all departments and branches to act accordingly, and to inform us thereof within one week from its date.
Yours sincerely,,,
Tariq bin Abdulrahman Al-Sedhan Deputy Governor for Supervision
Distribution Scope: Banks operating in the Kingdom. Money exchange institutions operating in the Kingdom. Saudi Credit Information Company (SIMAH).
P.O. Box 2992, Riyadh 11169, Telegram: Central, Telex: 404400, Tel: 4633000, Fax: 4662119