Reference to the role of the central bank The supervisory and regulatory authority over financial institutions under its jurisdiction, based on the powers granted to it pursuant to Bank Control System issued by Royal Decree No. (M/5) dated 22/1386 AH, and The Cooperative Insurance Companies Control System issued by Royal Decree No. (M/32) dated 2/6/1424 AH,  and The Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/8/1433 AH, and The regulations governing the conduct of exchange businesses issued by the decision of the Minister of Finance No. (1357) dated 1/5/1432 AH, and the Central Bank's determination to establish communication channels with the financial institutions under its supervision to ensure the dissemination of its executive and punitive decisions.

Accordingly, within fifteen working days from this date, all financial institutions under the supervision of the Central Bank are required to designate a specific email address for receiving the Central Bank's executive/penal decisions. This email address should be directly linked to the Chairman of the Board or the Board of Directors, the Chief Executive Officer or General Manager, and the Compliance Manager -according to the company's organizational structure-, as the financial institutions must provide the Central Bank with the updated email address and contact details of the Chief Executive Officer or General Manager, and the Compliance Manager through email (EnforcementFollowup@SAMA.GOV.SA)

The central bank wishes to emphasize that the responsibility for monitoring decisions received via postal mail and email, as well as the consequences arising from them, lies with financial institutions and their senior management. Financial institutions must notify the central bank in writing through the official mail and email about any updates to those addresses, these addresses will not take effect with respect to the central bank until one month from the notification date. The central bank also affirms that it will take all regulatory measures against financial institutions that do not comply with the content of this circular.