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  • Requirements for Appointments to Senior Positions

    No: 199400000067 Date(g): 9/9/2019 | Date(h): 10/1/1441
    These Requirements were issued by circular No (1994/67), dated 10/01/1441H, and updated by Circular No. (42064776), dated 13/09/1442H, corresponding to 24/04/2021G, and amended by SAMA Circular No. (4919/67) dated 25/01/1441H, corresponding to 24/09/2019G and Circular No. (42080755) dated 19/11/1442H, corresponding to 28/06/2021G.
    The English version displayed herein is not the last updated version. Please refer to the Arabic version to read the last updated version.

    • Chapter 1 Definitions

      1. The following terms and phrases, where used in these Requirements, shall have the corresponding meanings, unless the context requires otherwise:
       
      TermDefinition
      SAMAThe Saudi Central Bank*.
      RequirementsRequirements for Appointments to Senior Positions in Financial Institutions Supervised by SAMA (Second Version- 2019).
      Financial InstitutionsThe entity that is supervised by SAMA, including banks, foreign bank branches, insurance companies, reinsurers companies, licensed insurance service providers, foreign insurance companies, finance companies, refinance companies, contract registration companies, credit bureau companies, money changers, and payment and fintech companies operating in Saudi Arabia.
      Senior PositionsThe functions, roles and responsibilities entrusted to those positions who take, propose and implement strategic decisions and manage the Financial Institution’s business processes, including the board of directors and senior management according to the positions specified in Article (7) hereof.

       

      * The Saudi Arabian Monetary Agency was replaced by the name of "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G.

       

    • Chapter 2 General Provisions

      2. Purpose and Scope

      2.1The purpose of these Requirements is to:
       
       a.determine the Senior Positions in the Financial Institutions that require SAMA’s written non-objection on the appointment or interim appointment of candidates, and set out the minimum fit and proper criteria that the Financial Institution has to adopt to assess the fitness and propriety of candidates; and
       
       b.set out the minimum fit and proper criteria and process that Financial institutions have to adopt to assess the fitness and propriety of candidates for positions that do not require SAMA’s non-objection.
       
      2.2Without prejudice to any other relevant regulations or instructions, these Requirements shall be applicable to Financial Institutions.
       

      3. Priority for Appointment or Interim Appointment

      Priority for appointment to Senior Positions shall be given to Saudi candidates. If the Financial Institution nominates a non-Saudi candidate to be appointed or interim appointed to a Senior Position, the Financial Institution shall provide justifications for the nomination, demonstrate the non-availability of a qualified Saudi candidate for the position, develop and include an approved plan for replacement in the written non- objection request submitted to SAMA. The plan shall include the procedures, programs and courses the Financial Institution use and conduct to train and qualify Saudi candidates for such positions, as well as the time period required.

      4. Appointment or Interim Appointment to the Following Positions Shall be Limited to Saudi Candidates:

      a.Director of Human Resources;
       
      b.Director of Information Security/ Cyber Security;
       
      c.Director of Information Technology;
       
      d.Chief Compliance Officer;
       
      e.Director of Anti-Money Laundering and Counter-Terrorist Financing;
       
      f.Director of Anti - Financial Crimes;
       
      g.Director of Anti -Fraud;
       
      h.Director of Legal Affairs;
       
      i.Director of Governance/ Secretary of Board of Directors;
       
      j.Director of the department concerned with providing information or executing the decisions issued against customers by SAMA (Financial Enforcement Department);
       
      k.Director of Customer Services in insurance companies;
       
      l.Director of Motor Claims in insurance companies; and
       
      m.Director of Individual Sales in insurance companies.
       

      5. Replacement and Succession Planning :

      5.1The Financial Institution shall develop a policy approved by the board of directors as follows:
       
       a.replacement: determine the senior management positions in the Financial Institution that are held by non-Saudis, and then train Saudi staff to be qualified to hold such positions within a specified period of time; and
       
       b.succession planning: determine the key positions affecting the work and stability of the Financial Institutions, and then train Saudi staff to be qualified to hold such positions once they become vacant, enabling the Financial Institution to continue its work.
       
      5.2The Policy provided for in paragraph (1) of this Article shall, as a minimum, include the following:
       
       a.such positions, including, as a minimum, the senior management positions indicated in the attached appendices (1, 2, 3, 4, 5 & 6);
       
       b.specialized training programs and courses to be continuously implemented by the Financial Institutions to train and qualify the Saudi candidates for such positions; and
       
       c.regulatory framework developed for the Policy that includes implementation procedures.
       
      5.3The Policy shall ensure the provision of qualified Saudi talents to hold such positions gradually by using the best practices and programs in the field.
       
      5.4The Financial Institution’s board of directors and chief executive officer/ managing director/ general director shall follow up the commitment to implement the Policy referred to in this Article.
       

      6. Certificates Verification

      The Financial Institution shall verify the authentication of the academic and professional certificates of the Senior Positions’ holders and candidates as follows: 
       
      a.verify the authentication of the academic certificates issued from institutions outside Saudi Arabia by checking the official seal and the authentication of a government authority, such as the Ministry of Foreign Affairs or Ministry of Education, if the holder is a national of the country issuing the certificate, or the authentication of the Cultural Bureau if the holder is not a national of the country issuing the certificate;
       
      b.verify the authentication of the professional certificates through the website of the issuer, if available, or through direct contact by e-mail or other reliable method; and
       
      c.verify the authentication of the academic and professional certificates issued by different educational and professional institutions through agencies that carry out certificate verification.
       

    • Chapter 3 Senior Positions that Require SAMA’s Non-objection

      7.The Financial Institution shall obtain SAMA’s written non-objection on the nomination of the members of the board of directors, as well as the appointment, interim appointment and renewal of interim appointment of any person to carry out the tasks and responsibilities of the senior management positions indicated in the appendices especially prepared for each Financial Institution as follows:
       
        Appendix (1): Senior Positions in banks operating in Saudi Arabia that require SAMA’s written non-objection.
       
        Appendix (2): Senior Positions in credit bureau companies operating in Saudi Arabia that require SAMA’s written non-objection.
       
        Appendix (3): Senior Positions in insurance and reinsurance companies and insurance service providers operating in Saudi Arabia that require SAMA’s written non-objection. (SAMA may require insurance service providers to obtain written non-objection for some or all senior management positions specified for insurance and/or reinsurance companies).
       
        Appendix (4): Senior Positions in finance and refinance companies and contract registration companies operating in Saudi Arabia that require SAMA’s written non-objection.
       
        Appendix (5): Senior Positions in money changers operating in Saudi Arabia that require SAMA’s written non-objection.
       
        Appendix (6): Senior Positions in payment and fintech companies operating in Saudi Arabia that require SAMA’s written non-objection.
       
      8.Candidates for Senior Positions shall not assume their responsibilities, exercise their roles or announce their appointment or interim appointment prior to obtaining SAMA’s written non-objection.
       
      9.The Financial Institution must obtain SAMA’s written non-objection on interim appointment to senior management positions, provided that the term of the appointment does not exceed six months, renewable for one term with the approval of SAMA. SAMA’s written non-objection shall not be required for interim appointment that do not exceed (20) business days.
       
      10.The Financial Institution shall submit the requests for SAMA’s written non-objection on the nomination of the members of the board of directors, or the appointment, the interim appointment or the renewal of interim appointment term for senior management positions accompanied by the required documents according to Appendix (B) herein, within a period not exceeding (30) business days from the date of holding the General Assembly meeting during which the member of the board of directors will be elected, or within a period not exceeding (20) business days from the expected date of the appointment of the candidate to the senior management position, as the case may be.
       
      11.While making any job offers for appointment and interim appointment to Senior Positions, The Financial Institution shall inform candidates that such positions require obtaining SAMA’s written non-objection.
       
      12.The Financial Institution shall establish policies, standards and procedures for nomination to Senior Positions to ensure that all candidates and position holders meet and continue to meet the fitness and propriety criteria set forth in these Requirements and in the Financial Institution's policy throughout their tenure, taking into consideration the provisions of the relevant laws, regulations, policies and instructions. Such policies, standards and procedures shall, as a minimum, include the following:
       
       a.the minimum fit and proper criteria as stated in the Requirements;
       
       b.procedures for conducting fit and proper assessments;
       
       c.procedures to be taken when holders of Senior Positions do not meet all the criteria; and
       
       d.requirements of reviewing and updating the policy from time to time, and as needed.
       
      Additional provisions pursuant to SAMA Circular No. (42007671) dated 12/02/1442.

      This section is currently available only in Arabic, please click here to read the Arabic version

      .

    • Chapter 4 Fit and Proper Criteria and Disclosure

      13.The Financial Institution’s board of directors shall be responsible for ensuring the fitness and propriety of candidates for Senior Positions, in accordance with the Financial Institution’s relevant policy, requirements and procedures.
       
      14.The Financial Institution shall adopt clear and precise standards and procedures to assess and verify the fitness and propriety of the Senior Position holders or candidates. The fit and proper criteria shall, as a minimum, include the following:
       
       a.Honesty, integrity and good reputation and fairness: The candidate must have personal qualities, such as honesty; integrity; good reputation and fairness, and must not have been convicted of any crime impinging on honor or integrity, unless rehabilitated.
       
       b.Competence and capability: The candidate must have the necessary academic qualification, or adequate experience, skills to perform his/her role effectively, as well as the ability to understand the technical requirements of the business, the risks and the management process. In addition, the candidate must meet all requirements set by SAMA.
       
       c.Financial capability efficiency: The candidate must have the efficiency and experience needed to manage his/her financial obligations and affairs prudently and properly, this does not mean the limited financial possibilities of the candidate.
       
       d.Independence: The candidate must have the necessary independence to perform the tasks and duties of the proposed Senior Position and shall not have employment interests or obligations, or any other situations which might give rise to conflict of interests or which could, in any way, impair the candidate’s ability to independently perform the duties of the proposed position.
       
      15.The assessment process carried out by the Financial Institution, on a regular basis or prior to requesting SAMA’s non-objection, shall be documented and supported by relevant documents and information. The Financial Institution shall check the validity of the information provided by the candidates for the Senior Positions from independent and reliable internal and external sources. The information and the results of the assessment process obtained by the Financial Institution shall be kept confidential. The approval of the candidate, if necessary, shall be obtained to access the information.
       
      16.The Financial Institution shall explain the Fit and Proper Form to candidates and ensure the completeness and accuracy of the information provided. The Financial Institution shall also disclose in writing to SAMA any information it may find relevant to the fitness and propriety of the candidate and any changes that may affect the validity, accuracy and completeness of the information provided in the Form, even if after obtaining SAMA’s non-objection, within a period not exceeding (5) business days from the date on which such information was obtained or the change has occurred.
       
      17.The Financial Institution and candidates for Senior Positions shall fully and clearly disclose to SAMA all information relevant to the fit and proper requirements. The information provided shall, as a minimum, include the following:
       
       a.all the information and documents required in the Fit and Proper Form;
       
       b.any material information that may affect SAMA's decision to issue non-objection on the nomination, appointment, interim appointment or the renewal of interim appointment term; and
       
       c.any other relevant information becomes known to the financial institution or candidate.
       
      18.SAMA may request any information or documents it deems necessary for evaluating requests for non-objection on the nomination, appointment, interim appointment or the renewal of interim appointment term and may request to interview the candidate as well. The Financial Institution shall provide SAMA with the required information and documents within a period determined by SAMA or within (10) business days, as a maximum, from the date of requesting such information and/or documents. If the Financial Institution fails to provide so within the specified period, SAMA shall have the right to close the request.
       
      19.SAMA may conduct background checks using various means it deems appropriate to ensure the validity, accuracy and completeness of the information and documents provided by the Financial Institution, and to ensure the fitness and propriety of candidates. Accordingly, SAMA will take actions it deems appropriate whether to grant non-objection on requests received or to reject such requests without any responsibility whatsoever on SAMA. Subsequently, the Financial Institution shall inform the candidate in that. 
      20.SAMA may cancel the non-objection granted to the Financial Institution on the appointment, interim appointment or the renewal of interim appointment term for a current Senior Position holder if SAMA finds that he/she does not cooperate, neglects or omits his/her duties, or if SAMA detects any concealment, misrepresentation or misreporting of information or any violation or circumvention of these Requirements or any other instructions issued by SAMA without prejudice to the statutory procedures towards the financial institution and the person concerned.
      21.The Financial Institution shall periodically, and at least annually, assess the fitness and propriety of the Senior Position holders. In the event of such assessments leading to any information or findings that may materially compromise the fitness and propriety of the candidates, the Financial Institution shall immediately report such information and findings to SAMA.
       
      22.The Financial Institution shall notify SAMA in writing, in accordance with email addresses indicated in Appendix (C), when the person appointed commence his/her work, when resignation is accepted, when position holder leaves work and when employment is terminated for whatever reason, within (5) business days from the date of such events.
       
      23.The Financial Institution shall provide SAMA with biannual reports (at the end of both June and December) including data of Senior Position holders and data on vacant Senior Positions, in accordance with Appendix (A) hereof.
       

    • Chapter 5 Senior Positions that Do Not Require SAMA’s Non-Objection

      24.The Financial Institution shall establish clear and precise policy, standards and procedures to ensure that candidates for and holders of positions that do not require SAMA’s non-objection meet and continue to meet the fitness and propriety criteria throughout their tenure. Such policy, standards and procedures shall, as a minimum, cover the provisions hereof.
       
      25.The Financial Institution’s board of directors shall be responsible for ensuring the fitness and propriety of candidates for positions that do not require SAMA’s non-objection, including candidates for Senior Positions in the Financial Institution’s subsidiaries or its overseas branches, in accordance with these Requirements and the Financial Institution’s relevant policies and procedures.
       
      26.All assessments of candidates conducted by the Financial Institution shall be supported by relevant information and data and shall be properly documented.
       
      27.SAMA shall have access to the data collected or procedures conducted by the Financial Institution in the context of the nomination, appointment or interim appointment to Senior Positions that do not require SAMA’s non-objection.
       

    • Chapter 6 Effectiveness

      28.These Requirements shall supersede the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by SAMA, promulgated by Circular No. 341000115396 dated 25/09/1434H.
       
      29.These Requirements shall come into effect as of the date of the issuance.
       

    • Appendix (1): Senior Positions in Banks Operating in Saudi Arabia that Require SAMA’s Written Non-Objection

      This Appendix is amended in accordance to SAMA Circular No. (4919/67) dated 25/01/1441H and Circular No. (42080755) dated 19/11/1442H.

      • Board of Directors

      1. Members of the board of directors (including the board’s chairman and vice-chairman); and
      2. Chairs and members of committees emerging from the board of directors.

      • Senior Management

      The following positions, and the like:

      1. Chief Executive Officer/ Managing Director/ General Director (his/her deputy);
      2. Chief Financial Officer;
      3. Chief Risk Officer;
      4. Director of Internal Audit;
      5. Chief Compliance Officer;
      6. Director of Customer Care;
      7. Director of Anti-Money Laundering and Counter-Terrorist Financing;
      8. Director of Anti-Financial Crimes;
      9. Director of Anti-Fraud;
      10. Director of Credit;
      11. Chief Operating Officer;
      12. Director of Legal Affairs;
      13. Director of Governance/ Secretary of Board of Directors;
      14. Director of Information Security/ Cyber Security;
      15. Director of Information Technology;
      16. Chief Treasurer;
      17. Director of Human Resources;
      18. Director of Retail Banking;
      19. Director of Corporate Banking;
      20. Senior Officer responsible for SAIBOR submission to SAIBOR calculating agent and administrator ;( local banks).
      21. Director of the department concerned with providing information or executing the decisions issued against customers by SAMA (Financial Enforcement Department); and
      22. Any other executive positions directly reporting to the Chief Executive Officer/Managing Director/General Manager, held by non-Saudis.

    • Appendix (2): Senior Positions in Credit Bureau Companies Operating in Saudi Arabia that Require SAMA’s Written Non-Objection

      •  Board of Directors
        1. Members of the board of directors (including the board’s chairman and vice-chairman); and
        2. Chairs and members of committees emerging from the board of directors.

       

      •  Senior Management

      The following positions, and the like: 
       

      1. Chief Executive Officer/ Managing Director/ General Director (his/her deputy);
      2. Director of Information Technology;
      3. Director of Information Security/ Cyber Security;
      4. Chief Operating Officer;
      5. Director of Internal Audit;
      6. Director of Legal Affairs;
      7. Director of Governance/ Secretary of Board of Directors;
      8. Chief Compliance Officer; and
      9. Chief Risk Officer

    • Appendix (3): Senior Positions in Insurance Sector Operating in Saudi Arabia that Require SAMA’s Written Non-Objection

      I. Senior Positions in Insurance and/or Reinsurance Companies Operating in Saudi Arabia that Require SAMA’s Written Non-Objection

      • Board of Directors
        1. Members of the board of directors (including the board’s chairman and vice-chairman);
        2. Chairs and members of committees emerging from the board of directors; and
        3. Secretary of committees emerging from the board of directors.
      • Senior Management

      The following positions, and the like: 
       

      1. Chief Executive Officer/ Managing Director/ General Director (his/her deputy);
      2. Chief Financial Officer;
      3. Chief Operating Officer;
      4. Chief Risk Officer;
      5. Chief Investment Officer;
      6. Director of Internal Audit;
      7. Chief Compliance Officer;
      8. Director of Anti-Money Laundering and Counter-Terrorist Financing;
      9. Director of Anti-Financial Crimes;
      10. Director of Anti-Fraud;
      11. Director of Information Technology;
      12. Director of Information Security/Cyber Security;
      13. Director of Governance/ Secretary of Board of Directors
      14. Director of Legal Affairs;
      15. The Appointed Actuary;
      16. Director of Actuarial Services;
      17. Director of Human Resources;
      18. Managers of Regional Branches;
      19. Director of Claims;
      20. Director of Customer Service;
      21. Director of Reinsurance;
      22. Director of Marketing;
      23. Director of Sales;
      24. Director of Underwriting; and
      25. Any other positions directly reporting to the Chief Executive Officer/Managing Director/General Manager.
         

      II. Senior Positions in Insurance Service Providers Operating in Saudi Arabia that Require SAMA’s Written Non-objection

      The following positions, and the like:

      1. Members of the board of directors (including the board’s chairman and vice-chairman);
      2. Chief Executive Officer/General Manager (his/her deputy);
      3. Director of Reinsurance;
      4. Officers responsible for actuarial services;
      5. Compliance Officer or Liaison Officer;
      6. Any positions in senior management specified for insurance and/or insurance companies, held by non-Saudis; and
      7. Any other positions directly reporting to the Chief Executive Officer/General Manager, held by non-Saudis.

       

    • Appendix (4): Senior Positions in Finance/Refinance Companies and Contract Registration Companies Operating in Saudi Arabia that Require SAMA’s Written Non-Objection

      • Board of Directors
        1. Members of the board of directors (including the board’s chairman and vice-chairman); and
        2. Chairs and members of committees emerging from the board of directors.
      • Senior Management:
        1. Chief Executive Officer/ Managing Director/ General Director (his/her deputy);
        2. Chief Financial Officer;
        3. Chief Risk Officer;
        4. Compliance Officer;
        5. Director of Internal Audit;
        6. Director of Credit;
        7. Chief Operating Officer; and
        8. Director of Anti-Money Laundering (if separated from compliance director position).

    • Appendix (5): Senior Positions in Money Changers Operating in Saudi Arabia that Require SAMA’s Written Non-Objection

      • Board of Directors
        1. Members of the board of directors (including the board’s chairman and vice-chairman); and
        2. Chairs and members of committees emerging from the board of directors.
      • Senior Management

      The following positions, and the like: 
       

      1. Chief Executive Officer/ Managing Director/ General Director (his/her deputy);
      2. Branch Manager;
      3. Chief Financial Officer;
      4. Chief Risk Officer;
      5. Director of Internal Audit;
      6. Chief Compliance Officer;
      7. Director of Anti-Money Laundering and Counter-Terrorist Financing;
      8. Director of Legal Affairs;
      9. Director of Governance/ Secretary of Board of Directors;
      10. Director of Information Security/ Cyber Security;
      11. Director of Information Technology;
      12. Chief Operating Officer; and
      13. Any other executive positions directly reporting to the Chief Executive Officer/Managing Director/General Manager, held by non-Saudis.

    • Appendix (6): Senior Positions in Payment and Fintech Companies Operating in Saudi Arabia that Require SAMA’s Written Non-Objection

      • Board of Directors:
        1. Members of the board of directors (including the board’s chairman and vice-chairman); and
        2. Chairs and members of committees emerging from the board of directors.
      • Senior Management:

      The following positions, and the like: 
       

      1. Chief Executive Officer/ Managing Director/ General Director (his/her deputy);
      2. Chief Financial Officer;
      3. Chief Risk Officer;
      4. Director of Internal Audit;
      5. Chief Compliance Officer;
      6. Director of Anti-Money Laundering and Counter-Terrorist Financing;
      7. Director of Human Resources;
      8. Director of Credit;
      9. Director of Legal Affairs;
      10. Director of Governance/Secretary of Board of Directors;
      11. Director of Information Security/ Cyber Security;
      12. Director of Information Technology; and
      13. Any other executive positions directly reporting to the Chief Executive Officer/Managing Director/General Manager.

    • Appendix (A): List of Members of Board of Directors, Committee, and Senior Management Position Holders

      List of Members of Board of Directors of (name of the financial institution) for the Current Term Ending on...
      No.NameNationalityID/Iqama No.Membership Status
      (Executive, Non-Executive, Independent)      		No. of TermsCommittee MembershipE-mailPhone No.Extension No.Mobile No.Notes
      1           
       
      List of Members of ... Committee at (name of the financial institution) for the Current Term Ending on...
      No.NameNationalityID/Iqama No.Membership Status
      (Executive, Non-Executive, Independent)      		No. of TermsMembership Start DateE-mailPhone No.Extension No.Mobile No.Notes
      1           
       
      List of Senior Management Position Holders at (name of the financial institution)
      No.NameName
      Nationality      		ID/Iqama No.PositionAppointment/Interim AppointmentTerm of Appointment/Interim AppointmentStart Date of JobDate of Joining the Financial InstitutionE-mailPhone No.Extension No.Mobile No.Notes
      TitleSector
      1              
       

    • Appendix (B): Documents Required to Obtain SAMA’s Written Non-Objection for Senior Positions

      Where the position requires SAMA’s prior written non-objection, the Financial Institution shall submit a request to SAMA requiring so in accordance with the method specified in Appendix (C) herein, along with the following documents:
       
      No.DocumentsAttached
      YesNo
      1A scanned PDF Copy of the Financial Institution’s letter signed by the CEO or the Board’s Chairman.  
      2.A scanned PDF copy of the Fit and Proper Form completed and signed by the candidate for the Senior Position and certified by the Financial Institution. The requirements stipulated in such Form shall also be fulfilled.  
      3A digital WORD copy of the Fit and Proper Form completed.  
      4A copy of the results of the Fit and Proper Assessment conducted by the Financial Institution, along with any assessment-related documents.  
      5A copy of the results of the Fit and Proper Assessment conducted by the concerned committees of the Financial Institution for each nomination request relating to the chief compliance officer, chief risk officer or director of internal audit.  
      6An updated copy of the candidate’s CV.  
      7Copies of the verified official academic certificates.  
      8For Saudis, a copy of the passport and a copy of the national ID.  
      9For non-Saudis, a copy of the passport and a copy of the resident identity (Iqama).  
      10Organizational Structure of the Financial Institution, and the position.  
      11Job description for the position.  
      12Replacement plan for non-Saudis, covering the provisions of Article (3) hereof.  
      13Any other documents SAMA deems necessary.  
       

    • Appendix (C): Requesting SAMA’s Written Non-Objection on Appointment to Senior Positions

       

      1.The Financial Institution shall send the requests for SAMA’s non-objection on the nomination, appointment, interim appointment or the renewal of interim appointment term for Senior Positions to the following emails:
       
      No.SectorE-mail
      ABanks and Credit Bureau CompaniesFPBANKING@SAMA.GOV.SA
      BInsurance/Reinsurance Companies and Insurance Service ProvidersIC.Fit@SAMA.GOV.SA
      CFinance/Refinance Companies and Contract Registration CompaniesFPFINANCE@SAMA.GOV.SA
      DMoney ChangersMoneyExchLic@SAMA.GOV.SA
      EPayment and Fintech CompaniesFPPayments@SAMA.GOV.SA
       
      2.The request for non-objection shall be accompanied by digital copies of documents identified in Appendix (B).
       

    • Fit and Proper Form

      No: 199400000067 Date(g): 9/9/2019 | Date(h): 10/1/1441Status: In-Force
      To download the word version of the form, please click here.
      To download the PDF version of the form, please click here.

      • Instructions

        1.The following terms and phrases wherever mentioned herein, shall have the meanings assigned thereto unless the context otherwise requires:
         Kingdom: The Kingdom of Saudi Arabia.
         

        SAMA: Saudi Central Bank*.
        Financial Institution: The institution whose name is indicated in this Form, and in which the Candidate will have the Proposed Position.

        The Candidate :The person whose name is indicated in this Form and who is a candidate for the Proposed Position in the Financial Institution.
        Proposed Position: The Leadership position in the Financial Institution as defined in the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by SAMA (Second edition 2019).

        Form: The Fit and Proper Form.
         

         

        Relevant Laws, Regulations, policies, and Instructions: 

        the laws, regulations, rules ,policies, and instructions to which the Financial Institution and/or the Proposed Position are subject, including but not limited to the following :

        -Banking Control Law, and related rules and instructions, if the Financial Institution is a bank or a branch of a foreign bank;
        -Law on Supervision of Cooperative Insurance Companies, its Implementing Regulations, other related regulations, rules, and instructions, if the Financial Institution is an insurance and/or reinsurance company or an insurance-related service provider;
        -Law on Supervision of Finance Companies, its Implementing Regulations, and other related rules and instructions, if the Financial Institution is a finance company;
        -Rules Governing Money Changing Business, and other related instructions and circulars, if the Financial Institution is a money exchanger center;
        -Credit Information Law and its Implementing Regulations, if the Financial Institution is a Credit Bureau company.
         Related Party:
        -Fathers, mothers, grandfathers, grandmothers;
        -Children, grandchildren;
        -Siblings, maternal and paternal half-siblings;
        -Husbands and wives;
        -Any person in a relationship with the Candidate that may affect his/her independence.
        2.The information provided by the Candidate in this Form must be true, accurate, precise, and complete and does not contain any false, incorrect or misleading information, nor conceal any material information, and has to be signed by the Candidate. Without prejudice to the relevant regulations, SAMA may exclude any violated nomination without any responsibility.
        3.This Form must be read in conjunction with the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by SAMA (Second Edition 2019).
        4.The Financial Institution must explain the Form to the Candidates and ensure that it is completely filled in with true information, and disclose to SAMA, in writing, any information related to the fit and proper status of the Candidates and any changes that may affect the validity, accuracy, precision, or completeness of the answers provided in this Form within a maximum period of (5) business days from the day of obtaining such information or the occurrence of the change.
        5.The Financial Institution must submit all the documents listed in Appendix (B) attached to the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by SAMA (Second Edition 2019)
        6.If extra space is required to answer any question, the answer shall be written on another paper attached to the Form stating the question and its number and signed by the Candidate.
        7.The Form shall never be modified.

         

        1.  Candidate Information

        Full Name as appears on official ID  

        Any other different previous name(s) of

        the Candidate

        		  
        (Nationality(ies)  
        National ID number /Resident ID number  
        Passport number  
        Date of birth  
        Country and city of birth  
        Current residential address  

        Permanent address residential

        (if different from current address)

        		  
        Mobile phone number  
        Alternative phone number  
        Email address  
        National Address  
        Are you a permanent resident in the Kingdom?⬜ Yes⬜ No

         

        2. Proposed Position Information 

        Proposed Position

        (Decide the appropriate choice by adding a mark )

        		⬜ Chairman of Board of Directors.
        ⬜ Vice Chairman of the Board.
        ⬜ Board Member .
        ⬜ Member of Board Committee (specify name of committee and position):
        ⬜ Member of Senior Management (specify title of position):
        Name of Financial Institution 

        Type of Financial Institution

        (Decide the appropriate choice by adding a mark )

        		⬜ Bank . .
        ⬜ Insurance and/or reinsurance service company or insurance-related service provider.
        ⬜ Finance and/or refinance company, or finance support company or contract registration company.
        ⬜ Money Exchanger Center.
        ⬜  Credit Bureau Company.
        ⬜ Payment Systems and Fintech Company.
        ⬜ Other (specify)

         

        3. Provide details of all accredited academic qualifications you have obtained.

        Degree

        Major

        Institution and Country

        Year of Completion

            
            
            
            
            
            
            
            

         

        4. Provide details of all accredited professional qualifications you have completed.

        Qualification

        Major

        Institution and Country

        Year of Completion

            
            
            
            
            
            
            

         

        5. List your current positions and previous positions in the past ten years ( Board member, manager or any other position according to the C.V).

        Name of Institution

        Position

        Start Date

        End Date

        Reason(s) for Leaving Position

             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             

        6. List all the companies in which you currently own shares directly or indirectly.

        Name of Company

        Company’s Address

        Nature of Business 

        Ownership Percentage

            
            
            
            
            
            
            
            

         

        7. Provide details of all shares you are holding in this Financial Institution that are registered under your name or the name of Related Party.

        Name under which Shares are Registered

        Relationship

        Number of Shares

        Ownership Percentage

            
            
            
            

         

        8. Provide details of all shares(NOT registered under your name or the name of Related Party) in this Financial Institution that concern you or concern a Related Party from a beneficial point of view.

        Name under which Shares are Registered

        Number of Shares

        Ownership Percentage

           
           
           
           

        9. Are you a trustee or attorney of any Related Party that hold any shares in this Financial Institution?

        ⬜ Yes

        ⬜ No

        If “Yes, ”please provide details:
         
         

         

        10. Are any of the shares mentioned in answers of Questions (7), (8), and (9) related to the account of another party or legally pledged?

        ⬜ Yes

        ⬜ No

        If “Yes, ”please provide details:
         
         

        11. Are you a shareholder, board member, or member of board committee or manager in any other company that is licensed or has applied for a license to engage in an activity that is governed by SAMA or Capital Market Authority?

        ⬜ Yes

        ⬜ No

        If “Yes, ”please provide details:
         
         
        12.Answer the questions by adding a mark (X) where appropriate.
        Ref.

        Questions

        Answer

        Yes

        No

        1Honesty, Integrity and Good Reputation
        1.1Have you ever been convicted of any offence, whether in the Kingdom or elsewhere?⬜  ⬜ 
        2.1Have you ever been, publicly or secretly, warned, censured, reprimanded, or publicly criticized by any supervisory authority, professional body, or similar bodies, or have signed an undertaking not to conduct certain work, or have been the subject of a court order at the instigation of such body, whether in the Kingdom or elsewhere?⬜  ⬜ 
        3.1Have you ever been denied the right or restricted in your right to carry on any trade, business, financial activity, or profession that requires a specific license, registration or other authorization, whether in the Kingdom or elsewhere?⬜  ⬜ 
        4.1Have you ever been a shareholder, board member, or manager of a business that has been denied the right or restricted in its right to carry on any trade, business, financial activity, or profession that requires a specific license, registration or other authorization, or of a business whose license, registration or other authorization has been suspended, stopped, terminated, withdrawn, or revoked by any supervisory authority, professional body, or similar bodies, whether in the Kingdom or elsewhere?⬜  ⬜ 
        5.1Have you ever provided false or misleading information to SAMA or any other supervisory authority or government body, or been uncooperative in any dealings with SAMA or any other supervisory authority or government body, whether in the Kingdom or elsewhere?⬜  ⬜ 
        6.1Have you ever been censured, prosecuted, or convicted of a criminal offence, or been the subject of any criminal investigation or disciplinary proceedings, whether in the Kingdom or elsewhere?⬜  ⬜ 
        7.1Have you ever been the subject of any interrogation, investigations, or disciplinary proceedings by any government or non-government entity, whether in the Kingdom or elsewhere?⬜  ⬜ 
        8.1Have you ever been convicted of a violation of Banking Control Law ,Capital Market Law, Law on Supervision of Cooperative Insurance Companies ,and Law on Supervision of Finance Companies, the regulations of such laws, Rules Governing of Money Exchange Activities or any other laws or regulations, whether in the Kingdom or elsewhere?⬜  ⬜ 
        9.1Have you ever demonstrated unwillingness to comply with any laws, regulations, or instructions, or in any way helped or abetted another person in breach of any laws, regulations, or instructions ,whether in the Kingdom or elsewhere?⬜  ⬜ 
        10.1Have you ever been convicted of an offence involving moral dishonesty or breach of trust or contravention of laws, regulations and instructions, whether in the Kingdom or elsewhere?⬜  ⬜ 
        11.1Have you ever been convicted of practicing any unauthorized or unlicensed activities or been investigated for the possible carrying out of unauthorized or unlicensed activities ,whether in the Kingdom or elsewhere?⬜  ⬜ 
        12.1Have you ever been subject to a judicial order or settlement order in relation to commercial, investment, or other financial business, misconduct or misappropriation of funds, whether in the Kingdom or elsewhere?⬜  ⬜  
        13.1Have you ever been associated with any illegal activity concerning banking business, deposit taking, or other financial or business dealing, whether in the Kingdom or elsewhere?⬜  ⬜ 
        14.1Have you ever resigned from any role or position whilst under investigation, whether in the Kingdom or elsewhere?⬜  ⬜ 
        15.1Are there any judgments or decision(s) issued against you by general courts, Board of Grievances, the Committee for Resolutions of Banking Control Law Violations, the Committee of Banking Disputes,. Committees for Resolutions of Insurance Disputes and Violations, or Committee for Resolutions of Finance Violations and Disputes, or Committee for Resolutions of Securities Disputes, or other judicial or semi-judicial committees, whether in the Kingdom or elsewhere?⬜  ⬜ 
        16.1Are you aware of any circumstances or pending proceedings that may lead to situations that could alter any of your answers to the previous questions, or of anybody's intention to begin such proceedings, whether in the Kingdom or elsewhere?⬜  ⬜ 
        2Competence and Capability
        1.2Has any supervisory authority, professional body, or similar bodies, ever objected or refused to provide non-objection on your appointment to any role or position, whether in the Kingdom or elsewhere?⬜  ⬜ 
        2.2Have you ever been declared incompetent as a director or in any managerial capacity, or disqualified from acting in such capacity, whether in the Kingdom or elsewhere? ⬜  ⬜ 
        3.2Have you ever been dismissed, isolated or requested to resign from a role or position of attorney, trustee, whether in the Kingdom or elsewhere?⬜  ⬜ 
        4.2Do you lack any of the educational qualification, experience, relevant skills, and knowledge, required to perform your duties in the Proposed Position?⬜  ⬜ 
        5.2Are there any potential impediments to your commitment, in terms of time and effort, to perform your role in the Proposed Position effectively?⬜  ⬜ 
        3Financial Soundness
        1.3Have you ever been unable to fulfill your financial obligations, including loans or credit facilities, toward banks or financing companies, as and when they fell due, whether in the Kingdom or elsewhere?⬜  ⬜ 
        2.3Have you ever availed any financial relief or preferential terms from your creditors or entered into a compromise or scheme of arrangement with your creditors to settle your debt obligations, whether in the Kingdom or elsewhere?⬜  ⬜ 
        3.3Have you ever failed to settle a debt due and payable under a judgment issued by a court or a competent judicial committee in the Kingdom or elsewhere, or have you ever made any compromise arrangement or settlement with your creditors?⬜  ⬜ 
        4.3Have you ever been the subject of a bankruptcy petition, or adjudicated a bankrupt, or entered into a general settlement with any creditor, or been subject to any other similar process, whether in the Kingdom or elsewhere?⬜  ⬜ 
        5.3Have you ever been a shareholder, board member, or manager of a business that has gone into bankruptcy, liquidation, or placed under trusteeship or administration during the period when you were a shareholder, board member, or manager of the business or within one year thereafter, whether in the Kingdom or elsewhere?⬜  ⬜ 
        4.Independence
        1.4Was your designation for the Proposed Position with the Financial Institution based on the direction, instruction, or recommendation of an individual or institution?⬜  ⬜ 
        2.4Will you be acting on the directions or instructions of any individual or institution in carrying out your duties in the Proposed Position?⬜  ⬜  
        3.4Are any of the shareholders, board members, or managers of the Financial Institution or its subsidiaries considered a Related Party to you?⬜  ⬜ 
        4.4Will you have any other relationship (e.g. shareholding, board membership, management membership, or commercial or financial relationship) with the Financial Institution beyond the Proposed Position?⬜  ⬜ 
        5.4Have you ever supervised or audited the Financial Institution, or provided consultations or other services to the Financial Institution, either in your personal capacity or through an entity in which you are a shareholder, a board member, or a manager?⬜  ⬜ 
        6.4Do any of the companies or establishments in which you are currently a shareholder, board member, or manager conduct any type of business or financial activities Or contractual relationship in any way with the Financial Institution?⬜  ⬜ 
        7.4Are you a shareholder, board member, or manager of an institution in the Kingdom that conducts same activity)ies) as Financial Institution or similar activity(ies)?⬜  ⬜ 
        8.4Do you have a credit relationship with the Financial Institution under your name or one of your Related Party that exceeds the amount stipulated in the Financial Institution Governance Regulations?⬜  ⬜ 
        9.4Are you aware of any business interests, financial interests, employment obligations, or any other situations which might give rise to conflict of interest or which could in any way impair your independence and ability to discharge your duties effectively in the Proposed Position?⬜  ⬜ 

        If any of the answers to the questions above is “Yes”, please provide detailed answers for all questions to which you responded “Yes” in the following space with reference to the question concerned.

        Ref.

        Detailed Answers

          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          
          

        Note : If extra space is required to answer any question, the answer shall be written on another paper attached to the Form stating the question and its number and signed by the Candidate.

         

        13. Are there any other material facts that were not provided in this Form that may affect SAMA’s decision regarding your appointment to Proposed Position in the Financial Institution?

        ⬜ Yes

        ⬜ No

        If “Yes, ”please provide details:
         
         

        * The Saudi Arabian Monetary Agency was replaced by the name of Saudi Central Bank in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding 26/11/2020AD.

         

      • Acknowledgement

        I hereby acknowledge that I have read all of the Applicable Laws, Regulations ,policies ,and Instructions. I am aware that providing any false or misleading information or documents on the conduct of business or financial activities in the Kingdom to SAMA, any other entity ,or any natural or legal person ,whether on purpose, inadvertently or by negligence, is a punishable violation under the provisions of the relevant laws and regulations.

        I also acknowledge that the information given in the answers to this Form are complete, right and accurate and in accordance with the laws, regulations, policies, and instructions applicable in the Kingdom, and there is no other relevant material information not disclosed in this Form or its attachments. I undertake that I will provide SAMA with any information or documents SAMA deems necessary to assess the validity of the information provided in this Form within the specified period by SAMA or (10) business days from the date of requesting such information or documents.

        I also acknowledge and agree that SAMA has the right to request additional information or documents from any third party as it deems appropriate to assess the validity of the information provided in this Form and assess the fitness and propriety of Candidate for the Proposed Position.

        I undertake that, as long as I am in the Proposed Position, I will notify SAMA of any information or changes that may affect the accuracy, adequacy or completeness of the answers written in this Form within a maximum period of (5) business days from the day of obtaining such information or the occurrence of the change. In case of failing to do so ,SAMA has the right to cancel the no objection if issued and I shall be subject to the prescribed penalties.

        Name of Candidate

         

         

        Proposed Position

         

         

        Signature

         

         

        Date

         

         

      • Attestation by the Financial Institution

        By attesting this Form, the Financial Institution confirms that the Candidate who signed this Form is fit and proper in accordance with the Requirements for Appointments to Senior Positions in Financial Institutions Supervised by SAMA and the policies and procedures of the Financial Institution in regard to fitness and propriety of individuals. We also confirm the validity of the information provided by the Candidate in this Form.

        By signing this Form on behalf of the Financial Institution, I confirm that I have carefully read this Form after it has been completed and signed by the Candidate. All certificates, academic and professional qualifications and work experience have been verified and all information provided in this Form is confirmed to be true.

        Name of Financial Institution 
         Name of The Person in Charge

         

         

        Position

         

         

        Signature

         

         

        Date

         

         

          
        Stamp by the Financial Institution