Regulatory Alerts2020-06-23
Principles of Conduct and Business Ethics in Financial Institutions
The Saudi Central Bank issued this circular to expand the definition of "financial institutions" under its existing Principles of Conduct and Business Ethics to explicitly include Al-Sarqah companies and institutions operating within the Kingdom. This amendment requires these newly included entities to adhere to established standards of professional discipline, integrity, transparency, accountability, efficiency, loyalty, and effectiveness in employee conduct. The directive mandates immediate implementation by the affected entities to ensure consistent regulatory compliance across all designated financial centers.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank
Headquarters
Supervision of Al-Sarqah Centers Department
Attachments:
Circular
To the Esteemed,
Peace, mercy, and blessings of Allah be upon you,
Subject: Principles of Conduct and Business Ethics in Financial Institutions.
In continuation of the Bank's Circular No. 72203/67 dated 1440/12/04 AH regarding the Principles of Conduct and Business Ethics in Financial Institutions, aimed at enhancing professional discipline, integrity, transparency, accountability, efficiency, loyalty, and effectiveness in the conduct of financial institution employees while performing their duties.
We inform you that it has been decided to include Al-Sarqah companies and institutions operating within the Kingdom within the scope of the definition of financial institutions as stated in the Principles of Conduct and Business Ethics in Financial Institutions.
For your information and implementation of what these principles contain:
And please accept my regards,
Faisal bin Ibrahim Al-Shathri
Deputy Governor for Supervision
Distribution Scope:
- Al-Sarqah companies and institutions operating within the Kingdom.
Al-Munif
P.O. Box 2992 Riyadh 11179 Phone: 4633000