Saudi Gazette report

RIYADH — The Saudi Central Bank (SAMA) announced on Wednesday that it issued the Compliance Principles and Internal Audit Principles for finance and real estate refinance companies, as part of its supervisory role and endeavor to maintain the financial sector's stability and development.

These principles set a more comprehensive regulatory framework to define finance and real estate refinance companies' main functions and outline the responsibilities of boards of directors and executive management regarding compliance and internal audit functions.

The principles were designed according to the best standards, taking into consideration the size and business nature of such companies, SAMA said in a press release. SAMA had published the draft Compliance Principles and Internal Audit Principles for finance and real estate refinance companies, seeking comments and feedback from the public and experts, for transparency and public participation. The comments and feedback were studied before the final version of the text was produced.