SAMA issues compliance, audit principles for financing, refinancing firms

The Saudi Central Bank (SAMA) headquarter

The Saudi Central Bank (SAMA) issued compliance principles and internal audit principles for financing and real estate refinancing companies as part of its supervisory and regulatory role in the financing sector and its ongoing efforts to develop the industry.

The central bank said in a statement that these principles aim to establish a comprehensive regulatory framework defining the responsibilities of key units within financing and real estate refinancing companies.

They clarify the roles of the board of directors and executive management regarding the compliance unit and internal audit department, in line with best practices, while considering the size and nature of the company's operations.

SAMA noted that it had previously presented drafts of the compliance and internal audit principles for public consultation to gather feedback from stakeholders and specialists. The comments and observations were taken into account before finalizing the drafts.

These principles can be viewed through the link below.

Finance Laws and Regulations