Regulatory Alerts2022-06-19
Data Quality Improvement Project in the E-commerce Sector in the Kingdom
The Saudi Central Bank (SAMA) issued this circular mandating all domestic banks and financial institutions to fully comply with the operational framework, technical rules, and data transmission mechanisms for the Data Quality Improvement Project in e-commerce. Institutions must complete all project requirements, adhere to Saudi Payments' agreed data-sharing procedures, and submit their adopted internal procedures via email within twenty working days. This directive ensures alignment with the Personal Data Protection System by standardizing how personal data is preserved, collected, processed, and shared across the sector.
Saudi Central Bank (SAMA)
Reference No.: 43096118 Date: 20/11/1443 AH Attachments: None
Circular
To Whom It May Concern,
Subject: Data Quality Improvement Project in the E-commerce Sector in the Kingdom.
Based on the duties and powers delegated to the Saudi Central Bank under the Saudi Central Bank System issued by Royal Decree No. (37/M) dated 11/4/1427 AH, and the Banking Control System issued by Royal Decree No. (5/M) dated 22/2/1386 AH, and referring to Circular No. (391...70...5) dated 2/7/1439 AH regarding the availability of online purchasing services via Mada bank cards, and in light of the growth of the e-commerce sector in the Kingdom and the desire to improve the mechanism for collecting data related to e-commerce,
The Saudi Central Bank emphasizes all banks and financial institutions on the importance of complying with the operational framework, technical rules, and operational rules regarding the Data Quality Improvement Project, which was shared with all banks and financial institutions in April 2022 by Saudi Payments, taking into account compliance with the following:
First: Completing all requirements mentioned in the operational framework, technical rules, and operational rules related to the Data Quality Project.
Second: Complying with data sharing based on the agreed-upon data transmission mechanism with Saudi Payments.
To respond and act accordingly as of its date, while emphasizing compliance by all parties with the provisions of the Personal Data Protection System issued by Royal Decree No. (19/M) dated 9/2/1437 AH regarding the preservation, collection, processing, and sharing of personal data; with the requirement to complete the requirements and comply with the above within (20) working days, and to provide Saudi Payments with the adopted procedures in this regard via email: BusinessOps@saudipayments.com
Yours sincerely, Eng. Hassan bin Saeed Yared bin Ahmed Al-Sheikh General Manager of Banking Supervision
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000