Regulatory Alerts2021-06-21
The required certificate for compliance managers of the finance companies.
The Saudi Central Bank (SAMA) has issued a circular mandating that compliance managers in all finance companies operating within the Kingdom obtain the "Compliance for Finance Companies Sector" certificate. This requirement must be fulfilled within one year of the circular's issuance or upon submission of a no-objection application for appointment, with finance companies obligated to submit the certificate to SAMA upon acquisition. The directive further directs stakeholders to access relevant training materials through the Financial Academy's official website to ensure regulatory compliance and workforce competency.
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