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

We inform you of the issuance of the Royal Decree No. M/24 dated 15/3/1443H, 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- According to the severity of the violation, a fine not exceeding (2,000,000) Two million Saudi Riyals or (10%) of the amount of financing conducted by the violator—whichever is greater—and imprisonment for a period not exceeding two years, or either of these penalties, shall be imposed on anyone who violates any of the provisions of this law and its regulations, without prejudice to what is stipulated in Article (34) of this law. The amounts of these fines shall be deposited into the state treasury.

3-SAMA has the authority to impose a precautionary attachment on the funds of a person found with strong evidence of violating the provisions of Paragraph (1) or (2) of Article (4) of this law, not exceeding the maximum amount of the fine or the percentage stipulated in Paragraph (2) of this Article, until the competent court reviews and adjudicates the violation in accordance with the applicable legal procedures.

4- The judgment imposing the penalty may include a provision to publish a summary of it at the violator’s expense in a local newspaper or through another appropriate means."