Regulatory Alerts2022-06-16
Added · Updated
Circular Re. Related Parties Rules for Banks
The Saudi Central Bank (SAMA) issued updated Related Parties Rules for Banks to align with Islamic Financial Services Board (IFSB) standards, superseding previous regulations effective September 1, 2022. The rules impose strict exposure limits, capping non-bank related party exposures at 5% of eligible capital (10% for listed companies) and requiring comprehensive governance, risk management, and quarterly reporting of significant exposures. Banks must submit compliance plans and rectification strategies for any existing non-compliant transactions prior to the effective date.
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