Raising Awareness of Banking Secrecy Regularly Among Bank Employees

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Arabian Monetary Authority
Headquarters

Banking Policy Department

Ref. No.: --------------------
Enclosures: --------------------

Ref. No.: 67/2820
Date: 1440/01/17
Enclosures: None

Circular

To: Respected Banks,

Greetings,

Subject: Periodic Awareness of Bank Employees Regarding Banking Secrecy.

In continuation of the Authority's previous instructions issued via Circular No. 18717/371000 dated 1437/2/14 Hijri, regarding the confirmation of banking information secrecy instructions and non-disclosure of customer data and information prior to obtaining the Authority's no-objection, and Circular No. 79052/391000 dated 1439/7/18 Hijri, regarding instructions for providing government and non-government entities with documents, information, and data related to customers' bank accounts.

The Authority emphasizes the importance of banks and financial institutions adhering to the following:

First: Periodic awareness of employees regarding the principles of banking secrecy, related instructions, and penalties for non-compliance, with compliance monitored through periodic surveys.

Second: Establishing an internal banking secrecy policy including, at a minimum, the following: (importance of banking information secrecy, mechanism for handling banking information, mechanism for disclosing such banking data and information, penalties for non-compliance with related instructions, mechanism for periodically monitoring employee compliance with banking secrecy instructions).

Yours sincerely,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

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Distribution Scope

• Banks and financial institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Telegram: MARKAZI, Telex: 404400, Tel: 4633000, Fax: 4662414