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Article 24: Compliance

Effective from Jan 01 2024 - Dec 31 2023
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1-The finance support company shall establish internal controls and procedures to ensure compliance with these Rules and all relevant laws, regulations and instructions.
 
2-The finance support company shall keep sufficient records to confirm compliance with these Rules and other relevant laws, regulations and instructions, and take the necessary measures to prevent violations thereof.
 
3-The finance support company shall not disclose information to third parties without the approval of SAMA.
 
4-The finance support company shall obtain SAMA’s non-objection before acquiring assets other than those necessary to manage its business.
 
5-The finance support company shall obtain SAMA’s non-objection before partial or full liquidation of the company or its activity.
 
6-Non-compliance with these Rules shall be deemed a violation of the Financing Companies Control Law and its Implementing Regulations.