Regulatory Alerts2019-12-09
Professional Certificates of Financial Institution Employees
The Saudi Central Bank mandates that employees of banks, financing companies, currency exchange firms, and their affiliated remittance centers obtain updated professional certificates in Individual Banking Fundamentals, Credit Advisor (Level One), and Currency Exchange & Remittances. The circular updates existing examinations and training materials to align with current regulations, introduces a new currency exchange certificate, and extends mandatory compliance to previously certified staff under the old versions. Institutions must ensure at least 25% of their workforce completes these certifications every six months, with full compliance required within two years from the circular's issuance date.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Headquarters
Office of the Deputy Governor for Supervision
Ref. No.: 41025433 Date: 12/04/1441 Attachments: None
Circular
To: Respected Sirs, Peace be upon you, and the mercy of Allah and His blessings.
Subject: Professional Certificates for Financial Institution Employees.
In continuation of the Institution's Circular No. 361000006226 dated 1436/01/11H and Circular No. 351000007134 dated 1435/06/01H regarding the mandatory acquisition of the Individual Banking Fundamentals Professional Certificate for employees who interact directly or indirectly with customers.
Please be informed that the Institution has updated the professional examinations for both the Individual Banking Fundamentals Certificate and the Credit Advisor - Level One Certificate, along with their respective training materials, to align with related regulations and instructions issued by the Institution. Additionally, a new Professional Certificate for Currency Exchange and Remittances and its corresponding training material have been introduced.
Accordingly, the Institution confirms the mandatory requirement for employees of banks and financial institutions, their affiliated remittance centers, financing companies, and financial lease contract registration companies, as well as currency exchange institutions and companies, to obtain the Individual Banking Fundamentals Professional Certificate, the Credit Advisor - Level One Professional Certificate, and the Currency Exchange and Remittances Professional Certificate. This applies to employees who have previously obtained any of these certificates in their previous versions as well.
This is detailed as follows:
- Employees Mandatory to Obtain the Individual Banking Fundamentals Professional Certificate and the Credit Advisor - Level One Professional Certificate:
- Front-office employees at banks and financial institutions, including but not limited to: branch staff and managers, sales personnel, and call center employees. This includes third-party contracted employees.
- Customer care management employees at banks and financial institutions.
- Employees Mandatory to Obtain the Credit Advisor - Level One Professional Certificate:
- Front-office employees at financing companies and financial lease contract registration companies, including but not limited to: branch staff and managers, sales personnel, and call center employees. This includes third-party contracted employees.
- Customer care management employees at financing companies.
-1- P.O. Box 2992, Riyadh 11169, Tel: 4662200 - Fax: 4662543
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Headquarters
Office of the Deputy Governor for Supervision
Date: Corresponding to:
- Employees Mandatory to Obtain the Currency Exchange and Remittances Professional Certificate:
- Front-office employees at bank-affiliated remittance centers, including but not limited to: branch staff and managers, sales personnel, and call center employees. This includes third-party contracted employees.
- All employees of currency exchange institutions and companies. This includes third-party contracted employees.
The Institution confirms the mandatory acquisition of the aforementioned professional certificates within a maximum period of two years from its date, with a minimum of 25% of employees completing them every (6) months. To view the training materials related to the aforementioned professional certificate, please visit the following electronic website of the Financial Academy: https://portal.fa.org.sa.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
- Financing companies, and financial lease contract registration companies operating in the Kingdom.
- Currency exchange institutions and companies operating in the Kingdom.
-2- P.O. Box 2992, Riyadh 11169, Tel: 4662200 - Fax: 4662543