An accompanying statement from the Saudi Arabian Monetary Authority regarding the technical imbalanced of SAMBA Financial Systems On March 17

1/16/2018 12:00 AM
    In light of SAMA’s role in monitoring and supervising the financial institutions under its supervision; and out of keenness to implement the principle of fairness and transparency. Further to the statement of the explanatory institution dated 3 rajab 1438H (31 march 2017) regarding the close monitoring of the technical systems breakdown in SAMBA financial Group which had caused trouble in  providing a number of banking services for several days. SAMA emphasized on the implementation of all appropriate legal procedures on SAMBA group after the verification of the breakdown causes; SAMA clarifies the following:
  • SAMA promptly instructed the group to take the necessary measures to fix the technical imbalance and re-provide all banking services to its customers.
  • SAMA assigned a team of specialist to conduct afield visits ot the group to investigate the causes of the technical imbalance experienced by its systems and to verify the integrity of its customers’ data and the stability of its systems.
  • In the light of the reports of the above-mentioned specialists proved that SAMBA has not adhered to the operational standards according to the IT infrastructure in an accordance with the best practices affecting the business continuity plans. Therefore, SAMA has ordered administrative sanctions and penalty on the group and directed them to take corrective action to avoid such violation in the future. 
     
Finally, SAMA calls upon the financial institution under its supervision to comply with regulations and instruction including precautionary and technical measures.
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