Regulatory Alerts2022-10-11
Counter-Fraud Framework
The Saudi Central Bank (SAMA) mandates all regulated Member Organisations in Saudi Arabia to implement a principle-based Counter-Fraud Framework covering governance, prevention, detection, and response. The directive requires institutions to establish structured fraud controls, deploy detection systems, conduct periodic self-assessments, and achieve at least Maturity Level 3 against a defined maturity model. Compliance is enforced through SAMA’s periodic audits, supervisory notifications, and a formal waiver process for unimplementable control requirements.
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