Regulatory Alerts2024-10-01
Circular Re. Compliance Principles for Finance Companies and Real Estate Refinance Companies
The Saudi Central Bank (SAMA) issued Compliance Principles for Finance Companies and Real Estate Refinance Companies, requiring full implementation within 180 days of publication. The document establishes a comprehensive regulatory framework defining the roles of the Board of Directors, Audit Committee, Executive Management, and the dedicated Compliance Unit to ensure effective adherence to laws and regulations. It mandates specific governance structures, including the independence of the compliance function, the qualifications of the Compliance Officer, and the integration of compliance into corporate culture and daily operations.
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