Regulatory Alerts2018-03-29
Added · Updated
Instructions on Providing Government and Non-Government Entities with Documents, Information and Data of Customer Bank Accounts
The Saudi Arabian Monetary Authority mandates that licensed banks, banks, and money changers in the Kingdom must refuse direct requests for customer account information from government and non-government entities, requiring such requests to be routed through the Authority. Exceptions allowing direct disclosure without prior non-objection are strictly limited to requests from the General Directorate of Financial Investigations regarding suspicious activity reports, courts in cases where the bank is a party, government entities regarding their own accounts, and security authorities regarding specific ATM and branch exterior CCTV footage for operations under 12 months old. Licensed entities must designate a central department to handle these requests and submit annual internal audit reports on compliance.
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