Regulatory Alerts2016-05-31
Added · Updated
Guidelines for Records Saving
The Saudi Arabian Monetary Authority (SAMA) mandates that all banks operating in the Kingdom establish an internal policy governing customer document retention mechanisms, procedures, and timelines. Banks must retain original paper documents alongside clear electronic copies for a minimum of ten years following transaction completion, contract termination, or the conclusion of legal claims and investigations. Compliance is ensured through mandatory customer notification via contracts and websites, alongside annual internal audit reviews to verify the integrity and completeness of the retention process.
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