7.1 Notification Requirements
Effective from Nov 01 2023 - Oct 31 2023
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| The following requirements applies to banks that satisfy the required maturity level in Cyber Security Framework, Counter-Fraud Framework, Business Continuity Framework, and Information Technology Governance Framework, which must be independently validated by a qualified and experienced third party on annual basis. | |
| 7.1.1 | Banks are required to notify SAMA by email at least (10) business days before launching any new products and services via (PSBanking@sama.gov.sa). |
| 7.1.2 | SAMA will acknowledge receipt of the notification within (10) business days of receiving the bank’s request. In case, a bank does not receive acknowledgement receipt from SAMA within (10) business days from sending the notifications, it is the bank’s responsibility to follow up with Banking Licensing Division via (PSBanking@sama.gov.sa) for confirming that whether SAMA has received the notification or not. |
| 7.1.3 | Banks will be able to launch new products and services once they receive SAMA’s acknowledgement of receipt of the bank’s notification. |
| 7.1.4 | Banks must launch their new products and services within (12) months of receiving the acknowledgment receipt from SAMA, otherwise the bank must submit a new notification. |
| 7.1.5 | SAMA have the right to ask banks for further information about products and services despite the fact that bank has launched the products and services or not. |
| 7.1.6 | SAMA may prohibit a bank from introducing or continuing to offer any products or services if SAMA concludes that such product or service will undermine SAMA’s primary objective of maintaining safety and soundness of the financial sector. |
| 7.1.7 | Banks must not reintroduce a product or service that has been stopped or discontinued by the bank for more than (12) months without notifying SAMA by following the notification requirements as per clause (7.1.1). |