Regulatory Alerts2024-09-09
Presenting and Promoting Products with a Trademark Different from the Original Identity and Trade Name of the Financial Institution
The Saudi Central Bank has issued a circular mandating financial institutions to comply with minimum standards when presenting and promoting products under a trademark different from their original identity and trade name. Institutions must adhere to regulatory guidelines, integrate impersonation risk procedures into their risk management strategies, contract trademark protection services, update relevant policies, register new trademarks prior to use, and clearly display both the trade name and trademark in communications, promotional campaigns, and official websites. These measures aim to prevent customer confusion, enhance transparency, and safeguard against cybersecurity and financial fraud risks associated with trademark impersonation.