SAMA Governor Inaugurates Saudi Banks’ Joint Operations Center to Combat Financial Fraud

SAMA launches of licenses for non-bank financial institutions
SAMA launches of licenses for non-bank financial institutions

Saudi Central Bank Governor (SAMA) Dr. Fahd bin Abdullah Al-Mubarak has inaugurated 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, and is 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 the Kingdom of Saudi Arabia and taking appropriate measures to reduce chances of fraudulent crimes targeting clients.

The governor added 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.

The Joint Operations Center to combat financial fraud cases, which the Saudi Bank “Albilad” took the initiative to host, operates 24/7, under the direct supervision of the Saudi Central Bank, and is located on a total area of ​​1,300 square meters, and includes 162 workstations.

The first phase has been implemented on an area of 390 square meters and 52 workstations, while in the second phase, the workstations will be increased to 110 on a total area of ​​910 square meters.

Related Stories

No stories found.
Ajel
english.ajel.sa