Regulatory Alerts2017-09-10
Controls for Handling Banking Transaction Procedures
The Saudi Central Bank issues binding controls requiring banks and financial institutions to process judicial, civil, and security banking transactions within strict timeframes of two hours, two days, and five days respectively. The directive mandates the establishment of dedicated, autonomous units with sufficient resources to handle these procedures while ensuring data confidentiality and immediate response to inquiries from authorized entities. Compliance is enforced through automated alerts for delays, mandatory quarterly self-assessment reports, and direct supervisory monitoring to prevent regulatory penalties.
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