Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
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SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
FBBs are required to maintain all records (both electronic and physical) at their KSA principal office. In addition, FBBs are required to maintain and process in KSA information and data relating to the preparation and maintenance of these records unless they obtain an exemption from SAMA or where the outsourcing rules permits this. SAMA’s requirements in evaluating a request for approval to process records outside KSA are set out in SAMA’s outsourcing rules.
50.
Where processing of records related to the FBB’s business occurs at a location other than the KSA principal office, it is required that they are backed up as appropriate, confidentiality maintained and provided to the FBB to ensure that records maintained in KSA are up to date at the end of each business day. SAMA requires records maintained in KSA will be of sufficient detail to:
i.
Enable the GM/CEO to fulfill his or her accountabilities with respect to the FBB’s business; and
ii.
Enable SAMA to conduct an examination and inquiry into the business and affairs of the FBB.
51.
Where sufficient information is not available, SAMA may request it as necessary.
52.
SAMA requires records to be capable of being reproduced in Arabic and in English languages. Where a FBB is required to retain a record of a communication that was not made in Arabic or English, it may retain it in that language. However, it should be able to provide a translation upon request.
53.
A FBB should have appropriate systems and controls in place with respect to the adequacy of, access to, and the security of its records so that the FBB may fulfil its regulatory and statutory obligations. With respect to retention periods, SAMA requires that records should be retained in accordance with SAMA records retention requirements.
