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Chapter 1 Definitions

No: 199400000067 Date(g): 9/9/2019 | Date(h): 10/1/1441
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.