The Saudi Central Bank (SAMA) is currently inviting public feedback on proposed updates to the “Key Principles of Governance in Financial Institutions under the control and supervision of the Saudi Central Bank.” Stakeholders are encouraged to submit their perspectives and suggestions through the National Competitiveness Center’s Public Consultation Platform.
The proposed revisions are designed to ensure the principles remain in step with recent changes to the new Companies Law and its Implementing Regulations, while also considering the unique aspects of the Saudi financial sector and aligning with global standards and practices.
Interested parties have a 15-day window from the announcement to share their input, which will be considered carefully when finalizing the amendments.
Simultaneously, SAMA has been leading a national effort to enhance the expertise of banking sector professionals, focusing on employees from 11 local banks. A team of national specialists with extensive knowledge in technical and banking operations from both SAMA and the broader Saudi banking industry completed a rigorous anti-cyber fraud training program.
The training was conducted at the prestigious University of Cambridge in the United Kingdom and spanned over three months. The program was intensive, providing specialized development to prepare participants for combating cyber fraud.
During this period, trainees were exposed to international best practices and real-world fraud scenarios. The goal was to equip them with advanced detection methods for effective fraud prevention and management.
Concluding with practical applications, the program was divided into two main phases. The initial phase included skill-building sessions and awareness programs on fraud prevention. The second phase then intensified with theoretical and hands-on training in fraud prevention strategies.
The curriculum covered four essential areas: the basics of fraud, practical scenarios, cybercrime investigations, and immersive practical application. The training brought together 40 international experts in financial fraud prevention, comprising academics from the University of Cambridge, public sector representatives, and external consultants who provided a blend of theoretical and practical knowledge on the challenges and threats faced by financial institutions.
The ultimate aim of the program was to implement effective fraud prevention governance practices and foster a comprehensive understanding of the links between fraud, financial crimes, and cyber threats.
This initiative underscores SAMA’s commitment to reinforcing the resilience of domestic and international financial systems against cyber threats, in alignment with its national strategic objectives to protect both institutions and individuals.