Regulatory Alerts2024-11-30
SAMA Encouragement for Technical Integration with the General Organization for Social Insurance
SAMA has directed all Kingdom-based banks to establish technical integration with the General Organization for Social Insurance (GOSI). This mandate automates essential client services, including clearance letters for pension transfers and bank commitment certificates. Financial institutions must adhere to relevant regulations while performing comprehensive technological, cybersecurity, and data privacy risk assessments during implementation.
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