Saudi Arabia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision

September 4, 2024

Preview Citation

Format: Chicago

Saudi Arabia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision, (USA: International Monetary Fund, 2024) accessed September 14, 2024

Summary

Much progress has been achieved in strengthening Saudi Arabia’s banking regulatory and supervisory framework in recent years, and additional enhancements are under preparation. Recent updates to primary and secondary legislation include the Saudi Central Bank Law (SCBL; 2020), the Anti-Money Laundering Law (2017), and regulations to address emerging risks such as financial fraud and cyber risks. The authorities intend to use the new draft Banking Control Law (BCL) to further strengthen the framework. Public consultation on the Bill ended in early-2023 and as the authorities consider the feedback received, the findings of this assessment will prove useful in finalizing the Bill and further align the framework with the Basel Core Principles (BCP).

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank supervision, Credit risk, Crime, Financial regulation and supervision, Market risk, Operational risk

Keywords: Adequacy ASSESSMENT process, Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank supervision, Banking control law, Banking supervision department, Counter financing, Credit risk, Global, IMF-World Bank Financial Sector Assessment Program, Market risk, Operational risk

Publication Details

Pages:

310
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2024/282
Stock No:

1SAUEA2024003
ISBN:

9798400288111
ISSN:

1934-7685

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