Regulatory Alerts2020-11-25
Issuance of the Saudi Central Bank Law
The Saudi Central Bank (formerly SAMA) issued a circular announcing the Royal Decree approval of its new governing Law, which replaces the previous SAMA System while preserving all existing supervisory duties, regulations, and legal tender status. The circular mandates that all financial institutions operating in the Kingdom adopt the new "Saudi Central Bank" name within 90 days across all internal and external communications and update corresponding documentation accordingly. Institutions are required to provide a written acknowledgment confirming their awareness of the circular's contents and compliance with its effective date.
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