6.8 Documentations and Reporting Requirement

Effective from Nov 01 2023 - Oct 31 2023
To view other versions open the versions tab on the right

6.8.1	Banks are required to submit a report to SAMA which include all products and services. The report must be signed by the Chief Executive Officer, and submitted by Compliance Function to Banking Licensing Division via (PSBanking@sama.gov.sa) – by 1^st March of each year, according to the table provided in (Annexure 5).
6.8.2	Banks must document all actions taken while implementing the internal policies and procedures, preserve these documents for audit purposes and to make them available to SAMA upon request. In addition, the banks must retain all the documents relating to the risk assessment of the new products and services including key risks from both the bank’s and customer’s perspective, together with the systems and processes that are in place to mitigate these risks.
6.8.3	An inventory of bank’s existing products and services containing information such as (but not limited to): name of a product and service, target market, risk classification, developer of the product or service, reviewer of the product, approver of the product, approval date, launch date, last review date, latest changes made including the description and the date of changes.