Regulatory Alerts2021-04-25
Requirements for Appointments to Senior Positions
The Saudi Central Bank (SAMA) has issued updated requirements mandating financial institutions to obtain written non-objection for the appointment, interim appointment, and renewal of senior management positions. Institutions must prioritize qualified Saudi candidates, implement board-approved succession policies, and apply standardized fit-and-proper assessments covering honesty, competence, financial capability, and independence. The framework further establishes strict disclosure obligations, background verification procedures, and biannual reporting timelines to ensure ongoing compliance and enable SAMA to grant or cancel non-objection based on accurate candidate information.
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