Regulatory Alerts2018-04-17
Using SAMA’s Name When Dealing with Customers
The Saudi Arabian Monetary Authority (SAMA) has issued a circular prohibiting financial institutions from improperly invoking SAMA’s name when interacting with customers, particularly during request rejections or contrary actions. The directive mandates that any reliance on SAMA’s circulars or directives must be verified by knowledgeable specialists and accurately applied, ensuring customers are not misled into believing SAMA’s rules block services that remain available. Financial institutions must ensure all staff comply with these requirements, as SAMA will enforce appropriate regulatory measures against any institution whose employees violate this prohibition.
Share