Regulatory Alerts2012-01-04
Consultative Paper on Revised Core Principles for Effective Banking Supervision - Dated 20 December 2011
The Saudi Arabian Monetary Agency (SAMA) has directed all licensed banks to review the Basle Committee on Banking Supervision’s revised Core Principles for Effective Banking Supervision and its updated Assessment Methodology. Banks must prioritize Principles 14 through 29, which detail supervisory expectations for corporate governance and risk management, and submit written feedback to SAMA by 1 March 2012. SAMA will consolidate these industry responses into a formal submission to the BCBS, ensuring domestic banking operations align with strengthened international regulatory standards.
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