Regulatory Alerts2020-10-14
Digital Certification of Products for Finance Companies Customers
The Saudi Arabian Monetary Authority (SAMA) issued this circular to enable finance companies in the Kingdom to deliver financing products and credit cards via digital certification through electronic channels. The directive mandates compliance with the Electronic Transactions Law, requires companies to obtain a No Objection for electronic services and use accredited digital certification providers, and enforces thirteen minimum operational, security, and risk management controls. These requirements apply immediately to all finance companies except those under SAMA's regulatory sandbox, ensuring secure, efficient digital service delivery while maintaining robust "Know Your Customer" verification and data protection standards.
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