Regulatory Alerts2020-09-15
Circular Re. Principles of compliance for banks and commercial banks operating in the Kingdom of Saudi Arabia
The Saudi Arabian Monetary Authority issued the 'Principles of Compliance for Banks and Commercial Banks Operating in the Kingdom of Saudi Arabia' to replace the 2008 Compliance Guide and enhance supervisory roles and sound banking practices. These principles became mandatory for all banks operating in the Kingdom effective January 1, 2021, following a transitional period where they were applied on a best-effort basis until the end of 2020. The document outlines the regulatory framework intended to address supervisory issues and promote robust compliance cultures within the Saudi banking sector.
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