Regulatory Alerts2023-03-05
Rules for Advertising Products and Services Provided by Financial Institutions
The Saudi Central Bank (SAMA) issued these rules to establish a comprehensive regulatory framework governing how all licensed financial institutions in Saudi Arabia advertise their products and services. The regulations mandate clear, accurate, and transparent advertising practices, including mandatory disclosures of fees, annual percentage rates, and terms, alongside requirements for Arabic language use, explicit customer consent for data and communications, and pre-publication compliance approval. Financial institutions must ensure all promotional claims are binding, avoid misleading statements or unauthorized use of SAMA’s name and logo, and comply with enforcement powers that allow SAMA to mandate the withdrawal of non-compliant advertisements within one business day.