The Saudi Central Bank presents the “Banking System” project for public viewing

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Riyadh – Mubasher: The Central Bank of Saudi Arabia announced the launch of the “Banking System” project to request public consultations, calling on the public, interested parties, and specialists to express their views and observations on the project, through the “Istikla” platform of the National Competitiveness Center.

The Central Bank stated in a statement today, Thursday, that it had prepared the banking system project based on its terms of reference stipulated in its system. In an effort to keep abreast of developments and developments in the banking sector; To ensure the continued stability and growth of the sector, stimulate investment in it, and contribute to financial stability in the Kingdom, in addition to enhancing the protection of depositors and customers.

The Central Bank indicated that the draft system comes as a result of the continuous internal assessments carried out by the Central Bank in this regard, and keeping pace with the comparative legislative developments of a number of countries that were benefited from when preparing its provisions, in addition to the recommendations issued by the relevant international organizations.

The Central Bank statement added that it expects the new draft system to continue organizing the banking sector in a distinct manner, as is the case with the banking control system currently in force. Granting credit, accurately defining the objectives and scope of the system, as well as expanding it to include the practice of banking business from persons outside the Kingdom to persons residing inside the Kingdom as determined by the Central Bank of Saudi Arabia, for several purposes, including customer protection.

Among the most important basic elements of the project is also the strengthening of the regulatory framework of the Deposit Protection Fund, according to which the fund pays deposits to depositors according to the announced coverage limit in cases that require this, in order to protect depositors and contribute to financial stability, in addition to strengthening the regulatory framework of bank secrecy. in the Kingdom by following the duty of confidentiality model as a general rule, with a variety of limited exceptions.

He continued: These cases will be precisely defined through the regulatory framework, in addition to setting a regulatory framework to regulate financial technologies in the banking sector, according to private and public texts that will cover digital banking services, open banking services, regulatory and supervisory techniques, big data, etc., and update the framework of violations, crimes and penalties. .

The Saudi Central indicated that the views and observations on the “banking system” project will be received within (30) days, noting that all the comments and observations will be the subject of study. In order to submit the final version of this project to the regulatory authority.

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