IMF Staff Country Reports

Saudi Arabia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision

Publication Date:

September 4, 2024

Electronic Access:

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Summary:

Much progress has been achieved in strengthening Saudi Arabia’s banking regulatory and supervisory framework in recent years, and additional enhancements are under preparation. Recent updates to primary and secondary legislation include the Saudi Central Bank Law (SCBL; 2020), the Anti-Money Laundering Law (2017), and regulations to address emerging risks such as financial fraud and cyber risks. The authorities intend to use the new draft Banking Control Law (BCL) to further strengthen the framework. Public consultation on the Bill ended in early-2023 and as the authorities consider the feedback received, the findings of this assessment will prove useful in finalizing the Bill and further align the framework with the Basel Core Principles (BCP).

Series:

Country Report No. 2024/282

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Bank legislation Bank supervision Basel Core Principles Commercial banks Credit risk Crime Financial institutions Financial regulation and supervision Financial sector policy and analysis Financial sector stability Internal audit Market risk Operational risk Public financial management (PFM)

Frequency:

regular