Skip to main content

Regulatory Compliance

SAMA Requirements​

Licensing Requirements​

sama_license:
  initial_requirements:
    - minimum_capital: 50M SAR
    - business_plan
    - risk_framework
    - technology_assessment
    - compliance_program

  ongoing_requirements:
    - quarterly_reports
    - annual_audit
    - risk_assessment
    - compliance_review

  renewal_process:
    frequency: Annual
    requirements:
      - compliance_history
      - financial_statements
      - audit_reports
      - risk_assessment

Data Protection​

Data Requirements​

data_protection:
  data_classification:
    sensitive:
      - national_id
      - bank_details
      - financial_statements
    
    confidential:
      - business_information
      - contact_details
      - transaction_history
    
    public:
      - business_name
      - registration_number
      - public_contact

  security_controls:
    encryption:
      at_rest: AES-256
      in_transit: TLS 1.3
      
    access_control:
      authentication: Multi-factor
      authorization: Role-based
      audit: Comprehensive logging

AML Compliance​

AML Procedures​

aml_compliance:
  customer_due_diligence:
    basic:
      - identity_verification
      - business_verification
      - ownership_structure
      - source_of_funds
    
    enhanced:
      - detailed_business_analysis
      - transaction_pattern_review
      - beneficial_owner_verification
      - risk_assessment

  monitoring:
    transaction_monitoring:
      - threshold_monitoring
      - pattern_detection
      - suspicious_activity
    
    reporting:
      - suspicious_transaction_reports
      - large_transaction_reports
      - periodic_compliance_reports

Risk Management Framework​

Risk Framework​

risk_management:
  governance:
    board_oversight:
      - risk_committee
      - audit_committee
      - compliance_committee
    
    management_oversight:
      - risk_management_committee
      - credit_committee
      - operational_committee

  risk_assessment:
    frequency: Quarterly
    components:
      - risk_identification
      - risk_measurement
      - risk_monitoring
      - risk_control

Reporting Requirements​

Reporting Schedule​

reporting_requirements:
  daily:
    - transaction_reports
    - liquidity_reports
    - operational_status
  
  monthly:
    - financial_statements
    - portfolio_performance
    - risk_metrics
  
  quarterly:
    - compliance_reports
    - audit_findings
    - risk_assessments
  
  annual:
    - financial_audit
    - compliance_audit
    - risk_review

Audit Requirements​

Audit Procedures​

audit_requirements:
  internal_audit:
    frequency: Quarterly
    scope:
      - operational_processes
      - control_effectiveness
      - compliance_adherence
    
  external_audit:
    frequency: Annual
    scope:
      - financial_statements
      - regulatory_compliance
      - it_systems
    
  documentation:
    - audit_reports
    - findings_register
    - action_tracking
    - resolution_evidence

Training Requirements​

Training Program​

training_requirements:
  onboarding:
    - compliance_basics
    - aml_fundamentals
    - risk_awareness
    - system_training
  
  ongoing:
    frequency: Quarterly
    topics:
      - regulatory_updates
      - compliance_refresher
      - risk_management
      - system_updates
  
  special:
    - new_regulation_training
    - incident_response
    - audit_findings

Best Practices​

Compliance Management​

  1. Regular policy reviews
  2. Staff training
  3. Compliance monitoring
  4. Documentation maintenance

Risk Management​

  1. Risk assessments
  2. Control testing
  3. Incident response
  4. Regular updates

Reporting​

  1. Timely submissions
  2. Accuracy verification
  3. Documentation retention
  4. Follow-up tracking

Documentation​

  1. Policy maintenance
  2. Procedure updates
  3. Record keeping
  4. Audit trail