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

Saudi Arabia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision
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Volume/Issue: Volume 2024 Issue 282
Publication date: September 2024
ISBN: 9798400288111
$20.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , IMF-World Bank Financial Sector Assessment Program , adequacy ASSESSMENT process , banking supervision department , banking control law , counter financing , Bank supervision , Credit risk , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Market risk , Operational risk , Global

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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).

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