1- Saudi Arabian Monetary Authority (SAMA) has issued these Rules based on the powers vested therein under Finance Companies Control Law issued by Royal Decree No. (M/51) dated 13/8/1433H and its Implementing Regulation issued by SAMA’s Governor decision No. (2/MFC) dated 14/4/1434H.

2- The objective of these Rules is to introduce general principles and minimum standards that shall be met by Finance Companies to detect and prevent Fraud.

3- A Finance Company shall make these Rules part of its internal regulations and procedures. The Rules shall also be applied in conjunction with the provisions and articles of Finance Companies Control Law and its Implementing Regulation. Non-compliance with the requirements set forth herein shall be deemed a violation of Finance Companies Control Law and its Implementing Regulation and may subject the Finance Company to regulatory penalties.