RegAlert

Rule · SAMA · 15 Sep 2020

Circular Re. Principles of compliance for banks and commercial banks operating in the Kingdom of Saudi Arabia

governance

The Saudi Arabian Monetary Authority issued the 'Principles of Compliance for Banks and Commercial Banks Operating in the Kingdom of Saudi Arabia' to replace the 2008 Compliance Guide and enhance supervisory roles and sound banking practices. These principles became mandatory for all banks operating in the Kingdom effective January 1, 2021, following a transitional period where they were applied on a best-effort basis until the end of 2020. The document outlines the regulatory framework intended to address supervisory issues and promote robust compliance cultures within the Saudi banking sector.

Saudi ArabiaSaudi Central Bank

Circular Re. Principles of compliance for banks and commercial banks operating in the Kingdom of Saudi Arabia

Saudi Arabian Monetary Authority
Banking Policies Department
Headquarters

Ref: 42005223
Date: 28/01/1442 AH
Attachments: (26) Rolls

Circular

To: Distinguished Gentlemen,

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

Subject: Principles of Compliance for Banks and Commercial Banks Operating in the Kingdom of Saudi Arabia.

Based on the authorities vested in the Authority under its system issued by Royal Decree No. (23) dated 23/5/1377 AH, and the Banking Control System issued by Royal Decree No. (M/5) dated 22/2/1386 AH. With reference to the Compliance Guide for Systems for Banks Operating in the Kingdom of Saudi Arabia issued in the year (1429 AH / 2008 AD), and proceeding from the supervisory and regulatory role of the Saudi Arabian Monetary Authority, and its efforts aimed at continuing to improve and address banking supervisory issues and enhance sound practices in banking institutions.

Attached herewith are the Principles of Compliance for Banks and Commercial Banks Operating in the Kingdom of Saudi Arabia, which aim to activate supervisory roles and enhance sound practices in banking institutions, to replace the aforementioned Guide.

For your information and guidance on a best-effort basis until the end of the year 2020 AD, and mandatory as of 01/01/2021 AD.

Accept my regards,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

  • Banks and commercial banks operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Telegram Address: Markazi, Fax: 404400, Tel: 4632000, Fax: 4662414

Principles of Compliance

For Banks and Commercial Banks Operating in the Kingdom of Saudi Arabia

September 2020 AD

Saudi Arabian Monetary Authority
Saudi Arabian Monetary Authority

Table of Contents

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Annotations and obligations
4 definitions
  • Definition / condition 4
  • background, boilerplate

Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

Guideline of 2008Not in RegAlertGuideline of 2008 — Not in RegAlertCircular Re. Principles ofcompliance for banks and comm…2020-09-15 · this documentCircular Re. Principles of compliance for banks and commercial banks operating in the Kingdom of Saudi Arabia (2020-09-15)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (1)
Supersedes
  • Guideline of 2008Not in RegAlert

    “With reference to the Compliance Guide for Systems for Banks Operating in the Kingdom of Saudi Arabia issued in the year (1429 AH / 2008 AD)... to replace the aforementioned Guide.”

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