Skip to main content
Entire section Custom print Text Only Rich Text Print / Save as PDF
Download Original PDF

E. Related Regulations and "No Objections" Requirements

No: 41027017 Date(g): 15/12/2019 | Date(h): 18/4/1441 Status: In-Force
8.While deciding to outsource any function, banks should ensure that outsourcing does not reduce the protection available to depositors nor be used as a way of avoiding compliance with regulatory requirements. It is the responsibility of the bank to continue to satisfy all regulatory and legal requirements when entering into any outsourcing arrangements.
 
9.Banks are not allowed to outsource any services or activities mentioned in article 19 of the Regulation of Agent Banking that has been issued under circular No. 37541/67 dated 15/06/1440 H).
 
10.Banks are explicitly required to obtain a written "no objection" from SAMA for Material outsourcing to Third Party Service Providers.