Referring to SAMA's circular No. MAT 150 dated 29/6/1423 AH, which requests banks not to provide any financial or banking information about their clients to any entity, whether individuals, institutions, government agencies, or others, without obtaining SAMA's approval. Due to some inquiries from local banks regarding requests they received from their correspondents related to information about some clients of local banks.

We would like to emphasize that banks must differentiate between two types of requests. The first type pertains to credit inquiries, which usually occur between banks and do not require consulting SAMA. For other types of requests, the bank must conduct a comprehensive study of the concerned clients being inquired about and the transactions they have executed, clarifying all essential information available regarding their operations. Additionally, the bank should review the content of the request from the external entity to verify the nature of the questions included in the request, the purpose of the inquiry, and whether these questions align with or contradict the limits established under the principle of banking secrecy. Subsequently, the bank should present its views on the matter and forward it to SAMA for guidance, enabling SAMA to expedite the necessary action.