Credit Bureaus Circulars
Circular No. Circular Title Issue Date (G)
Issue Date (H)
Status 000044075800 SAMA’s Non-Objection Not Needed For Membership Agreements With "Fintechs" Supervised By SAMA Or CMA 18/04/2023
27/09/1444
In- Force 000043045328 Adherence to the Personal Data Protection Law and Data Governance Policies, Regulations and Rules 23/12/2021
19/05/1443
In- Force 000043002199 Emphasis on Providing Communication Channels for Customers with Financial Institutions 16/08/2021
08/01/1443
In- Force 480070000067 Providing Customers with Channels for Communication with Financial Institutions 07/04/2019
02/08/1440
In- Force 150410000067 Ensuring SAMA’s NOC is received before sharing information, data, and statistics with various entities 15/11/2018
07/03/1440
In- Force 230700000041 Ensuring Prompt Responses to Judicial Authorities and their Requests 24/05/2018
09/09/1439
In- Force 371000018717 Information Confidentiality 26/11/2015
14/02/1437
In- Force 361000104751 Prohibition on Sharing Customer Credit Information Except Through Credit Information Companies Authorized by SAMA 20/05/2015
01/08/1436
In- Force Miscellaneous Regulations (CB)
SAMA’s Non-Objection Not Needed For Membership Agreements With "Fintechs" Supervised By SAMA Or CMA
Further to the instructions of SAMA issued under circular number (43035895) dated 20/4/1443H, which include the requirement to obtain the written non-objection of SAMA before concluding membership agreements with any entity other than financial institutions subject to the supervision and oversight of SAMA.
We inform you that credit bureau can sign membership agreements with fintech companies that have obtained or applied for a license/permit to engage in one of the activities subject to the supervision of SAMA or the Capital Market Authority without the need to obtain a no-objection certificate from SAMA, provided that they adhere to the following:
- The credit bureau verifies the existence of a request from the fintech company to obtain a license/authorization from SAMA or the Capital Market Authority before entering into the agreement.
- The activity of the fintech company, which it seeks to engage in, must involve entering into a credit relationship with the consumer upon commencement of the activity.
- The rights and obligations outlined in the membership agreement, including access to consumers' records or credit information, shall not be effective except after obtaining a copy of the license/permission to carry out the activity.
- In the event that financial technology companies cease their activities, or their license/authorization ends for any reason, such companies are only permitted to update the information of records they have dealings with their owners, without being allowed to inquire about information of new consumers.
SAMA emphasizes that the full responsibility lies with the credit bureau to adhere to what is mentioned above and to fully comply with the provisions of Credit Information Law and Its Implementing regulation and the relevant instructions issued by SAMA.
Ensuring SAMA’s NOC is Received before Sharing Information, Data, and Statistics with Various Entities
Referring to the Credit Information Law issued by Royal Decree No. (M/37) dated 5/7/1429H and its Implementing Regulations, and the importance and sensitivity of the information and data obtained by credit information companies under their mandates.
SAMA emphasizes the necessity of obtaining SAMA's non- objection before sharing any data or statistics to governmental or non-governmental entities, except for what is included in the agreements signed with members based on the Credit Information Law and its Implementing Regulations.