Regulatory Alerts2020-06-03
Sharing Credit Information With Bayan Credit Bureau
The Saudi Central Bank issued a circular requiring all banks, financing companies, and insurers operating in the Kingdom to conclude membership agreements with Bayan Credit Bureau Company and share credit information in compliance with the Credit Information System and its Executive Regulations. This mandate aims to enhance transparency, improve data quality for small and medium-sized enterprises, and strengthen risk management across financial institutions by ensuring complete, high-quality consumer credit reports. Consequently, regulated entities must align their data-sharing practices with the established legal framework to accurately assess financial obligations and creditworthiness.
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