Regulatory Alerts2018-09-27
Raising Awareness of Banking Secrecy Regularly Among Bank Employees
The Saudi Arabian Monetary Authority requires all banks and financial institutions operating in the Kingdom to implement periodic employee awareness programs on banking secrecy principles, related instructions, and associated penalties, verified through regular surveys. These institutions must also establish a comprehensive internal banking secrecy policy that explicitly covers the importance of information confidentiality, handling and disclosure mechanisms, applicable penalties for non-compliance, and ongoing monitoring of employee adherence. This directive reinforces previous circulars by mandating structured internal governance to prevent unauthorized disclosure of customer data prior to obtaining regulatory no-objection.
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