The Saudi Central Bank (SAMA) has made a public announcement inviting comments on the newly drafted ‘Internal Audit Principles’ and ‘Compliance Principles’ intended for Finance Companies. This initiative is part of the bank’s effort to involve stakeholders and the broader public in the regulatory process through the Public Consultation Platform known as ‘Istitlaa’.
The bank has shaped these principles with the aim of aligning with international best practices in the sector. The goal is to establish a robust regulatory framework that delineates the responsibilities of finance company boards and executive management teams.
Public feedback is solicited to refine and finalize the draft principles, which can be reviewed on the Public Consultation Platform associated with the National Competitiveness Center.
Interested parties are encouraged to submit their feedback within a 30-day window from the date of the announcement. The insights gathered will be crucial in the fine-tuning of the draft before its final adoption.