Referring to the Royal Decree No. M/51 dated 13/8/1433 H which includes the issuance of the Finance Companies Control Law.

We inform you of the issuance of the Royal Decree No. M/24 dated 15/3/1443 H, which amends Paragraph (2) of Article (35) of the Finance Companies Control Law issued by the aforementioned Royal Decree, and adds Paragraphs (3) and (4) to that Article, as follows:

2- Without prejudice to the provisions of Article 34 of this Law, any person violating any of the provisions of this Law and its Regulation shall be subject, depending on the gravity of the violation, to a fine not exceeding two million riyals or 10% of the amount financing obtained by the violator, and imprisonment for a term not exceeding two years, or either penalty. Amounts resulting from said fines shall be deposited into the State treasury.

3-SAMA may provisionally attach the funds of persons who are proven to violate Article 4(1)(2) of this Law, without exceeding the prescribed amount and percentage in paragraph (2) of this Article. Such attachment shall be in force pending the competent authority decision on the violation in according to applicable statutory procedures.

4- The judgment may include a provision to issue its summary on the expense of the violator in a local newspaper or any other appropriate medium.