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9 regulators · 24 laws & regulations · 18 obligations · 12 enforcement actions · 1 upcoming deadline

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Rule 2019

Rules on Outsourcing for Finance Companies

Issued by Saudi Central Bank

Plain-English summary

SAMA reference No. 65338/99 dated 13/1/2019 (7/5/1440H). Requires a board-approved outsourcing policy (Art. 4), SAMA's written non-objection at least 30 working days in advance for material functions (Art. 15) and lists cloud storage among material functions (Appendix 1). Non-compliance is a violation of the Finance Companies Control Law (Art. 23).

Who it applies to

NBFC / Non-bank Lending

Topics

Operational Risk & Outsourcing

Official source

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