Regulatory Alerts2024-10-01
Compliance Principles for Finance Companies and Real Estate Refinance Companies
The Saudi Central Bank (SAMA) issued these Compliance Principles to establish a standardized regulatory framework for finance and real estate refinance companies. The document mandates the establishment of an independent Compliance Unit with clear functional reporting to the Audit Committee, while defining specific oversight duties for the Board, Executive Management, and Internal Audit. It requires licensed entities to implement risk-based compliance programs, appoint qualified Compliance Officers, maintain continuous staff training, and submit periodic reports to SAMA within 180 days of publication.
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