Guidelines for Records Saving

Translated Document

In light of SAMA's desire to regulate the periods during which banks retain documents related to their customers, and based on paragraph (d) of Article (3) of the Saudi Arabian Monetary Authority Law issued by Royal Decree No. (23) dated 23/05/1377H , which empowered SAMA to issue specific instructions to banks operating in the Kingdom. Banks must establish an internal policy that regulates the mechanisms, procedures, and periods for retaining documents related to their customers. This policy should include, at a minimum, the following:

1. Retention of all original paper documents related to customer transactions for a minimum of ten years from the date of either the completion of the transaction or the termination of the contractual relationship, in addition to maintaining a clear electronic copy of these documents.
2. Retention of all original paper documents related to legal claims or investigations of any nature, along with maintaining a clear copy, for a minimum of ten years from the date of the end of the case.
3. Banks must adequately inform their customers about the document retention period through contracts made with customers and by highlighting this information on the bank's website.
4. There should be an annual periodic review conducted by the Internal Audit Department as part of the auditing programs to verify the integrity and completeness of the retention process, ensuring compliance with the provisions of this circular, any other related instructions, and the internal policy of the bank mentioned above. For your information and implementation effective from this date, noting that this circular does not affect the requirements of any other related circulars or instructions.

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