Regulatory Alerts2025-06-04
Emphasis on Exercising Due Diligence when Verifying Customer Income Prior to Granting Finance
The Saudi Central Bank issued this circular to require all financing companies operating in the Kingdom to exercise due diligence when verifying customer income prior to granting finance. The directive mandates that institutions assess potential risks, authenticate supporting income documents, and strengthen internal verification procedures in compliance with the Financing Companies Control System and its Executive Regulations. Compliance is mandatory for all licensed financing entities to maintain sector stability and regulatory alignment.
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