Skip to main content
Custom print
Download Original PDF

Chapter 1 Definitions

No: 42064776

Effective from 2021-04-24 - Apr 23 2021
To view other versions open the versions tab on the right

1. The following terms and phrases, where used in these Requirements, shall have the corresponding meanings, unless the context requires otherwise:
 
TermDefinition
SAMAThe Saudi Arabian Monetary Authority.
RequirementsRequirements for Appointments to Senior Positions in Financial Institutions Supervised by the Saudi Arabian Monetary Authority (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.