Regulatory Alerts2023-11-28
SAMA New Banking Products and Services Regulation
Saudi Central Bank (SAMA) has issued its updated New Banking Products and Services Regulation to mandate all licensed Saudi banks to implement robust governance, risk assessment, and consumer protection frameworks for launching or modifying financial products. The regulation establishes clear Board and Senior Management oversight duties, requires comprehensive risk classification and compliance audits, and introduces a streamlined ten-business-day email notification process for mature banks alongside specific non-objection requirements for home loans, financial leases, and derivatives. By standardizing product development, ongoing monitoring, and suspension protocols, SAMA aims to accelerate time-to-market while safeguarding financial sector stability and customer interests.