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  • Chapter III: Activity Provisions

    • Article 18: Internal Policies and Procedures

       The finance support company shall:
       
      1-develop internal policies and procedures to ensure compliance with these Rules, SAMA’s instructions, and relevant laws; and
       
      2-develop written organizational policies which cover internal organization, governance, risk management, compliance, outsourcing and human resources. These policies shall be approved by the highest authority in the company.
       

    • Article 19: Requirements for Information Security and Financial Crimes

      1-The finance support company shall comply with the information security requirements issued by SAMA.
       
      2-The finance support company shall comply with the legal requirements set forth in the Anti-Money Laundering Law, the Law on Terrorism Crimes and Financing, their Implementing Regulations, and the relevant instructions and guidelines as specified by SAMA, in a manner that is consistent with the nature and size of the company’s activity and risks it may be exposed to. The company shall also comply with the requirements and instructions issued by SAMA on financial crimes and fraud.
       

    • Article 20: Saudization of Human Resources

      At least 50% of all employees must be Saudi nationals when a finance support company starts operations. The percentage applies at the level of the company as a whole. SAMA may increase or decrease the percentage as it deems appropriate.

    • Article 21: Code of Conduct

      The finance support company shall develop a Code of Conduct and take all necessary actions to ensure compliance therewith in accordance with the relevant laws, regulations and instructions. This Code shall include clear principles, policies and controls for professional behavior with beneficiaries and the conflict of interest policy, to be approved by the highest authority in the company.

    • Article 22: Consumer Protection and Data Confidentiality

      1-The finance support company shall establish a function for handling complaints and set clear procedures for receiving, documenting, reviewing, and responding to complaints within the period set by SAMA. The complaints shall be kept in records that include all necessary details of complaints and related actions taken.
       
      2-The finance support company and its employees shall maintain the confidentiality of clients’ data and transactions and shall not disclose them to other parties or benefit from them even after leaving the job or revocation of license, except in accordance with the relevant laws and instructions.
       
      3-The finance support company shall take all necessary measures to ensure confidentiality of clients’ information and transactions.