Alqanoni

Article 24: Compliance

Art. 24
Status unknownSaudi ArabiaRegulation

Issued by Saudi Central Bank (SAMA) Rulebook

1. The finance support company shall establish internal controls and procedures to ensure compliance with these Rules and all relevant laws, regulations and instructions. 2. The finance support company shall keep sufficient records to confirm compliance with these Rules and other relevant laws, regulations and instructions, and take the necessary measures to prevent violations thereof. 3. The finance support company shall not disclose information to third parties without the approval of the bank. 4. The finance support company shall obtain the bank’s non-objection before acquiring assets other than those necessary to manage its business. 5. The finance support company shall obtain the bank’s non-objection before partial or full liquidation of the company or its activity. 6. Non-compliance with these Rules shall be deemed a violation of the Finance Companies Control Law and its Implementing Regulation .

The Arabic text is the legally binding version. The English translation is provided for guidance only.

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