RIYADH — Saudi Central Bank Governor (SAMA) Dr. Fahd Al-Mubarak has inaugurated on Sunday the Joint Operations Center for Saudi Banks, tasked with following up and monitoring cases of financial fraud that bank customers may be exposed to.

The center brings together all Saudi banks under one roof to improve the customer experience and tackle confirmed cases of financial fraud.

Dr. Al-Mubarak stressed that the inception of this center emanates from the Saudi Central Bank’s permanent support for the stability of the banking sector and the enhancement of confidence.

“It’s based on the tasks and jurisdiction entrusted to the Central Bank under its system and the Banking Control System, including setting instructions and procedures to protect clients of banks operating in Saudi Arabia and taking appropriate measures to reduce chances of fraudulent crimes targeting clients.”

The governor said that the formation of a joint center is one of the quick and effective procedures, which reflects the cooperation and integration required between all Saudi banks to limit the development of fraud cases, in addition to the previously issued instructions and regulatory requirements related to combating financial fraud. — SPA