The Saudi Central Bank (SAMA) announced the issuance of Compliance Principles and Internal Audit Principles specifically for finance and real estate refinance companies. This initiative, according to a press release, is part of SAMA’s supervisory responsibilities aimed at ensuring the stability and growth of the financial sector.
#SAMA issues the Compliance Principles and the Internal Audit Principles for Finance and Real Estate Refinance Companies to set a comprehensive regulatory framework to define functions and responsibilities.https://t.co/l51Fzi1KgI pic.twitter.com/zW9eonseuT
— SAMA | البنك المركزي السعودي (@SAMA_GOV) October 2, 2024
These principles establish a more robust regulatory framework that clarifies the primary roles of finance and real estate refinance companies and delineates the responsibilities of their boards of directors and executive management concerning compliance and internal audit practices.
Crafted in accordance with leading standards, these principles take into account the size and nature of business operations within these companies, as stated in the release.
Previously, SAMA had shared a draft of the Compliance Principles and Internal Audit Principles, inviting feedback from the public and industry experts to promote transparency and encourage public engagement. The insights gathered were thoroughly reviewed before finalizing the text.
In September 2024, SAMA announced the completion of an agreement with Samsung to launch Samsung Pay in Saudi Arabia by the fourth quarter of 2024. This agreement was formalized during the inaugural 24 Fintech conference in Riyadh.
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