SAMA seeks public feedback on draft internal audit, compliance principles for finance companies

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) seeks public feedback on the draft principles of internal audit and compliance for finance companies through Istitlaa platform.

The move is part of SAMA's supervisory and oversight role over the finance sector. This is in addition to its ongoing efforts to support the stability and development of the sector, the central bank said in a statement today, May 26.

It added that the draft principles aim to establish a comprehensive regulatory framework that contributes to defining the tasks of the main units in the finance companies.

They also seek to clarify the roles of the board of directors and executive management towards these units, while taking into account the best recognized international standards in this regard.

Public input shall be submitted within 30 days, to be studied before the issuance of the final version of the principles.