SAMA Sets Standards for Finance and Re-Finance Companies
The Saudi Arabian Monetary Authority (SAMA) has recently released a set of compliance and internal audit principles for finance and re-finance companies operating in the Kingdom. This move aims to ensure that these financial institutions adhere to the highest standards of transparency and accountability.
Under these new guidelines, finance and re-finance companies are required to establish robust internal audit functions to monitor their operations and ensure compliance with regulatory requirements. They must also conduct regular audits to identify and address any potential risks or issues that may arise.
Additionally, these companies are expected to implement effective compliance programs that are designed to prevent and detect financial crimes such as money laundering and terrorist financing. By adhering to these principles, finance and re-finance companies can help maintain the integrity of the financial system and protect the interests of their customers.
SAMA’s decision to issue these guidelines underscores the importance of promoting a culture of compliance and accountability within the financial sector. It also serves as a reminder to finance and re-finance companies of the critical role they play in supporting the Kingdom’s economic growth and development.
