Part of the Joint Operation Center’s inauguration
Governor of Saudi Central Bank (SAMA) Fahad Al-Mubarak inaugurated on July 21 the Joint Operations Center for Saudi Banks to follow up and monitor financial frauds that bank customers could be exposed to.
The center brings together all Saudi banks under one roof in a common room, with the aim of improving customer experience and addressing confirmed cases of financial fraud.
The establishment of this center comes from SAMA’s permanent support for the local banking sector’s stability and the enhancement of confidence in it, pursuant to the tasks and powers entrusted to the central bank under its regulations and Banking Control Law, Al-Mubarak explained.
This includes setting instructions and procedures to protect clients of banks operating in the Kingdom, besides taking the appropriate measures to reduce the commission of customer-related fraudulent acts.
Al-Mubarak indicated that the formation of a joint center that brings together Saudi banks under one roof is one of the quick and effective procedures in this regard. It reflects the cooperation and integration required between all Saudi banks for fraud prevention, paired with the previously-issued instructions and regulatory requirements related to combating such crimes.
The official expressed appreciation to all those in charge of the center and Saudi banks for their efforts and joint cooperation in addressing these financial crimes. He also thanked Bank Albilad’s Chairman Nasser Al-Subeaei for the bank’s hosting of this center.
The Joint Operations Center to fight financial fraud, which Bank Albilad took the initiative to host, operates around the clock, seven days a week, under the direct supervision of SAMA. It is located on a total area of 1,300 square meters (sqm), comprising 162 workstations.
The project’s first phase covered 390 sqm and included 52 workstations, while the following one aimed to raise the number of workstations to 110, on a total area of 910 sqm.
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