Regulatory Alerts2020-12-13
Compliance of financial institutions with the circulars issued by the Saudi Central Bank
The Saudi Central Bank (SAMA) has issued an instruction to finance companies operating in the Kingdom announcing the imminent launch of the "SAMA Circulars Portal" to centralize and publicly disseminate regulatory directives. The Bank clarifies that this digital portal does not exempt financial institutions from their existing compliance obligations, as official instructions will continue to be formally communicated via written correspondence or designated administrative emails. Institutions are required to adhere to the attached master list of instructions effective from dispatch and ensure ongoing compliance with all regulatory directives regardless of their publication on the new portal.
Saudi Central Bank (SAMA)
Reference No.: 42027412 Date: 1442/04/28 (Hijri) / Attachments: None
To: Respected Financial Institutions, Peace be upon you,
Subject: Compliance of Financial Institutions with Circulars Issued by the Saudi Central Bank
With reference to the Saudi Central Bank's instructions communicated via email on 18/4/1442H (corresponding to 3/12/2020G) regarding the compliance of financial institutions with circulars issued by the Saudi Central Bank, attached is the master list of these instructions, which must be adhered to from the date of their email dispatch to you.
Yours sincerely, Dr. Badr bin Hazam Al-Otaibi General Manager of Finance Companies Supervision
Distribution Scope:
- Finance companies operating in the Kingdom
P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia | Tel: +966 11 463 3000
From: Finance Companies Supervision Department fcsdepartment@SAMA.GOV.SA Sent: Thursday, December 3, 2020 2:33 PM Subject: Instruction: Compliance of Financial Institutions with Circulars Issued by the Saudi Central Bank
Instruction To: Respected Institutions, Peace be upon you.
In light of the Saudi Central Bank's (SAMA) role in supervising and overseeing financial institutions under its purview, and its commitment to enhancing transparency and raising awareness among stakeholders, the public, and interested parties regarding regulatory and supervisory instructions issued by SAMA.
We wish to inform you of SAMA's intention to launch the "SAMA Circulars Portal" in the coming days. Through this portal, SAMA aims to provide circulars issued by the Bank to the public, stakeholders, and specialists, achieving a high level of transparency and enhancing financial awareness.
SAMA further confirms that this portal does not relieve any financial institution of its obligation to comply with instructions issued by the Bank, which are communicated to financial institutions via official written correspondence or the official email of the Bank's administrative units.
For your information and compliance. Yours sincerely,
Finance Companies Supervision Department - Offsite Division
Saudi Central Bank (SAMA)
Note: This email address is not designated for receiving replies, and incoming messages will not be reviewed.