Regulatory Alerts2017-05-27
Record Retention Guidelines
The Saudi Central Bank (SAMA) issued a circular mandating that all banks operating in the Kingdom retain records and paper documents for at least ten years, as stipulated by Royal Order No. 32749. This retention must be conducted electronically through secure, highly reliable storage media in coordination with the Ministry of Communications and Information Technology. Compliance takes effect immediately upon issuance, with detailed implementation guidelines to be published following further regulatory coordination.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank (SAMA)
Headquarters
Banking Policy Department
Reference No.: 381000092226
Date: 1438/09/02
Attachments:
Circular
To: The Esteemed,
Greetings,
Subject: Record Retention and Paper Documents.
I refer to the Noble Royal Order No. 32749 dated 16/7/1438H, which stipulates in paragraph (1) that "the Saudi Central Bank shall take the necessary steps to notify banks that they must retain records and paper documents for a period of at least ten years, with electronic retention to be carried out through secure and highly reliable storage media, in coordination with the Ministry of Communications and Information Technology."
Accordingly, the Bank confirms that banks operating in the Kingdom must comply with the aforementioned Royal Order, and more detailed information will be provided subsequently following coordination with the Ministry of Communications and Information Technology on this matter.
For information and action as of its date.
Yours sincerely,
Ahmed bin Abdullah Al-Sheikh
Deputy Governor for Supervision
Distribution Scope:
- Banks operating in the Kingdom.
P.O. Box 2992, Riyadh 11179, Postal Address: Central, Telex 404200, Phone 4632000, Fax 4667414