What are the tasks and scope of work of the Financial Enforcement?
The tasks and scope of work include imposing financial and administrative penalties on financial institutions (banks operating in Saudi Arabia, companies in the insurance sector, finance companies, payment companies and money changers) in the case of proven violation in order to prevent and correct violations and raise the level of compliance among these institutions, protecting financial institutions from financial crimes, raising the level of cooperation with government entities, implementing rulings and decisions issued by judicial bodies and authorized investigative entities in addition to providing financial information and documents to these entities according to their powers.
What is "Tanfeeth" program?
Tanfeeth program was first created in 2017 with the aim of raising the level of cooperation with government entities that have joint work with SAMA according to their powers, improving business quality, supporting confidentiality of banking data and information, and developing an electronic means through which SAMA's systems are directly linked to those of the entities authorized to execute requests received on them as well as banks and money changers for integration among them.
When was Tanfeeth program launched?
In February 2019, Tanfeeth program as well as the first phase services were launched and an electronic link agreement was signed with the Ministry of Justice to benefit from the services of the program and to enhance coordination and cooperation. In July 2019, the second phase services were launched. Three services were launched in 2020 and one service was launched in 2021. A number of electronic link agreements and memoranda of understanding were signed with several government entities (the Zakat, Tax and Customs Authority; the Capital Market Authority; and the National Information Center) to benefit from the services provided by Tanfeeth program within the scope of powers of each entity. Moreover, work is underway for other stages of the program and to explore ways to enhance cooperation and coordination with government entities.
What are the goals of Tanfeeth program?
- Direct linking between SAMA's systems and those of authorized government entities and financial institutions for integration among them.
- Digitizing and modeling work procedures as well as enhancing e-government effectiveness.
- Executing high-quality transactions within a short period of time.
- Ensuring a high level of confidentiality of information and data.
- Enhancing the level of cooperation with government entities by contributing to achieving their goals.