Circular Re. Principles of Conduct and Work Ethics in Financial Institutions

Saudi Arabian Monetary Authority Deputy Governor for Supervision Office

Number: 72203 / 67 Date: 1440/12/04 Attachments: 15 rolls

Circular

To: Respected Sirs,

Peace, mercy, and blessings of God be upon you.

Subject: Principles of Conduct and Work Ethics in Financial Institutions.

I refer to the supervisory and regulatory role of the Saudi Arabian Monetary Authority over financial institutions under its supervision, and its efforts aimed at protecting the reputation of financial institutions and ensuring that their employees comply with the principles of prudent conduct, alongside achieving the concept of good governance and enhancing professional performance and professional behavior.

Attached are the Principles of Conduct and Work Ethics in Financial Institutions, aimed at enhancing professional discipline, integrity, transparency, objectivity, efficiency, loyalty, and effectiveness in the behavior of financial institution employees while performing their duties and job tasks.

For your information, and to act in accordance with the contents of these principles within three months from the date hereof, with providing the Authority with a compliance plan within one month from the date hereof.

Accept my regards,

Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision

Distribution Scope:

• Banks and commercial banks operating in the Kingdom
• Financing companies, and factoring companies operating in the Kingdom
• Insurance companies, reinsurance companies, foreign insurance companies, and licensed free profession companies operating in the Kingdom.
• Credit information companies operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Phone: 4622300 - Fax: 4662543

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Principles of Conduct and Work Ethics

in Financial Institutions

August 2019

Saudi Arabian Monetary Authority Saudi Arabian Monetary Authority

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Index

First: Introduction