Requirement to Exchange Customer Credit Information Only Through Licensed Companies (SIMAH)

In the name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Agency Head Office Banking Supervision Department Number: ........................................ B.S. Date: ........................................ Attachments: ........................................ Number: 361000104751 Date: 01/08/1436 AH Circular To His Excellency/ ................................................................................................. Subject: Not exchanging customer credit information except through credit information companies licensed by the Agency After greetings, Referring to the Credit Information Law issued by Royal Decree No. (M/37) dated 05/07/1429 AH and its Executive Regulations issued by His Excellency the Governor's Decision No. (AQ/13709) dated 22/09/1432 AH, which established the general principles and necessary controls for collecting, exchanging, and protecting consumer credit information through companies licensed by the Agency. Therefore, the Agency emphasizes that the collection, exchange, and protection of consumer credit information are subject to the Credit Information Law and its Executive Regulations mentioned above, and that any arrangements or agreements for exchanging credit information outside the scope of companies licensed by the Agency are considered a violation of the Law and its Executive Regulations, subject to penalty. For your information and action accordingly, and please acknowledge receipt. Sincerely, Abdulaziz bin Abdulrahman Al-Hulaisi Deputy Governor for Supervision Distribution List: Banks operating in the Kingdom Finance companies operating in the Kingdom Saudi Credit Bureau (SIMAH). General Department of Legal Affairs, General Department of Banking Supervision, and General Department of Finance Companies Supervision. P.O. Box 2992 Riyadh 11169, Cable: Markazi, Telex: 404400 Tel: 4633000 Fax: 4662119