Regulatory Alerts2020-08-17
Guidelines for Combating Financial Fraud in Banks Operating in Saudi Arabia
The Saudi Arabian Monetary Authority issued this Guideline to establish minimum anti-fraud procedures and policies for all banks operating in the Kingdom, replacing the 2008 framework. It mandates that banks implement risk-based governance structures, establish independent Anti-Fraud Units with clear authorities, and deploy automated monitoring systems to detect internal and external fraud. The document further requires continuous staff training, targeted customer awareness programs, and strict reporting obligations to security authorities and the Authority itself within three working days of suspected or confirmed fraud incidents.
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