Regulatory Alerts2018-01-03
Verification of Academic and Professional Certificates of the Banking Sector Employees
The Saudi Central Bank mandates that all local and foreign banks operating in the Kingdom verify the authentication of academic certificates and professional credentials before hiring staff, with expatriates subject to strict pre-employment verification while Saudi nationals are granted a grace period to submit required documents. The circular establishes specific authentication procedures for academic certificates issued abroad, direct electronic or email verification for professional credentials, and the use of recognized intermediary agencies such as Dataflow Group and EY. Banks are required to rectify existing employee files and address any deficiencies within one year of the circular's issuance, ensuring strict compliance with leadership appointment requirements.