Regulatory Alerts2020-10-14
Updating the Websites of Financing Companies and Verifying their Accounts on Social Media
The Saudi Arabian Monetary Authority requires all financing companies operating in the Kingdom to continuously update their official websites, verify or remove their social media accounts, and ensure accurate location data and working hours on mapping platforms such as Google Maps. Compliance with these operational standards must be achieved within one month of the circular's issuance, accompanied by a progress report submitted to SAMA’s Communications Officer within two weeks. These measures aim to enhance customer protection and ensure the consistent delivery of high-quality financial services across digital channels.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority
Head Office
General Department for Finance Companies Supervision
Reference No.: ………………………………
Attachments: ………………………………
Circular
To: The Esteemed,
Peace be upon you, and the mercy of Allah and His blessings.
Subject: Updating the Websites of Financing Companies and Verifying their Accounts on Social Media.
Reference is made to the Authority's instructions communicated via email on 6/1/1442H (corresponding to 24/8/2020G) regarding the updating of websites for financing companies and the verification of their social media accounts.
A copy of these instructions is attached, which must be complied with from the date of their email dispatch.
Yours sincerely,
Badr bin Hazaa Al-Otaibi
General Manager, Finance Companies Supervision
Distribution Scope:
- Financing companies operating in the Kingdom
P.O. Box 2992, Riyadh 1169, Tel: +966 11 4662020, Fax: +966 11 466248
From: Finance Companies Supervision Department
Sent: Monday, August 24, 2020 11:46 AM
Subject: Updating the Websites of Financing Companies and Verifying their Accounts on Social Media
To: The Esteemed Financing Companies,
Peace be upon you, and the mercy of Allah and His blessings.
With reference to the Authority's supervisory and regulatory role over financing companies under relevant regulations, and its efforts aimed at protecting customers and providing all services and products to them with high quality, ease, and convenience.
Accordingly, the Authority wishes to inform that financing companies must:
First: Continuously update the financing company's website.
Second: Verify (or remove) the financing company's accounts on social media platforms.
Third: Ensure the addition of the geographical location for the financing company's headquarters and branches, specify working hours on electronic mapping platforms such as "Google Maps", and continuously update them.
The Authority emphasizes compliance with the above within one month from its date, and providing the Authority's Communications Officer with the actions taken regarding this matter within two weeks from its date.
Our regards,...
Finance Companies Supervision Department - Offsite Division
Saudi Arabian Monetary Authority (SAMA)