Regulatory Alerts2020-09-16
Principles of Compliance for Banks and Commercial Banks Operating in the Kingdom of Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) issued the Principles of Compliance to replace its 2008 Compliance Guide and strengthen the supervisory and regulatory framework for banking institutions in the Kingdom. The document mandates that banks implement these principles on a guidance basis through the end of 2020, with full compliance becoming compulsory starting January 1, 2021. It establishes standardized operational and governance requirements designed to enhance sound banking practices, address regulatory gaps, and ensure consistent risk management across all commercial banks operating within Saudi Arabia.
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