The financial market in the Kingdom has seen increased regulation and supervision from the Saudi Arabian Monetary Agency across a number of sectors.
Much of the action has reflected a desire to improve the system and meet standards issued by international regulatory bodies. A memorandum of understanding for cooperation and exchange of information with the KSA Capital Market Authority was signed, and we saw increased regulation in combating money laundering and terrorism financing.
2013 also saw the development and implementation of some new laws, including The Supervision of Finance Companies Law 2012 (that seeks to establish a framework for finance companies to exist beside banks and financiers for both real estate and other assets) and The Prudential Rules (that specify the requirements relating to the authorised persons’ financial prudence).
During this same period both the KSA Anti-Money Laundering Laws and The Law of Civil Procedure were amended to introduce improvements and align with other new laws in the Kingdom.