Amendment of the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by the Saudi Central Bank

Saudi Central Bank (SAMA)

Reference No.: 42980755
Date: 19/11/1442 AH
Attachments: 1 page

Circular

To:
Peace, mercy, and blessings of God be upon you,

Subject: Amendment of the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by the Saudi Central Bank.

I refer to the second issuance of the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by the Saudi Central Bank, communicated via Circular No. (67/1994) dated 10/01/1442 AH, and subsequently via Circular No. (67/4919) dated 25/01/1442 AH, regarding the addition of several senior positions to Appendix No. (1) of the aforementioned Requirements.

I hereby inform you of the amendment to Appendix No. (1) of the aforementioned Requirements, by adding the position of Customer Care Manager in banks and financial institutions to the list of senior positions requiring a No Objection Letter from the Saudi Central Bank, according to the attached template. The updated version can be viewed on the Saudi Central Bank's website.

For your information and action as of its date; for any subsequent appointments to the position of Customer Care Manager.

Yours sincerely,
Fahd bin Ibrahim Al-Mushari
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000 P.O. Box: 2992, Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000

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(1) Appendix
Senior Positions Requiring a No Objection Letter from the Saudi Central Bank in Banks Operating in the Kingdom

• Board of Directors:

  1. Board Member (including the Chairman and Vice Chairman).
  2. Chairmen and members of committees established by the Board of Directors.

• Senior Management:
  The following persons or those in their equivalent capacity:

  1. Chief Executive Officer / Managing Director / General Manager (and their deputy).
  2. Finance Manager.
  3. Risk Manager.
  4. Internal Audit Manager.
  5. Compliance Manager.
  6. Customer Care Manager.
  7. Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Manager.
  8. Financial Crimes Manager.
  9. Fraud Prevention Manager.
  10. Credit Manager.
  11. Operations Manager.
  12. Legal Manager.
  13. Government Relations Manager / Company Secretary.
  14. Information Security Manager / Cybersecurity Manager.
  15. Information Technology (IT) Manager.
  16. Treasury Manager.
  17. Human Resources Manager.
  18. Retail Banking Manager.
  19. Corporate Banking Manager.
  20. Treasury Assets and Liabilities Manager or the primary official responsible for determining the Saudi Interbank Offered Rate (SAIBOR) for local banks.
  21. Manager of the department responsible for providing information or executing decisions issued against customers and routed through the Saudi Central Bank (Financial Execution Department).
  22. Any executive position directly reporting to the CEO/Managing Director/GM, held by a non-Saudi national.