Regulatory Alerts2012-12-16
Added · Updated
Circular on Preventing Email Spoofing and Unauthorized Fund Transfers
The Saudi Central Bank mandates banks operating in the Kingdom to implement electronic channels with robust security standards, including Two-Factor Authentication, to verify sender identity for transfer requests. Until full implementation, banks must require employees to exercise due care and independently verify that email-based transfer instructions originate from the actual client rather than an impersonator. This circular explicitly nullifies previous circular No. 10/4/10611 dated 25/07/2019 and requires banks to submit a timeline for implementing the new security measures.