Saudi Arabia’s SAMA Minimum Verification Controls and CRFR Compliance is an important safeguard for the country’s financial system. The system requires financial institutions to meet specific criteria in order to remain compliant with the regulations.
The SAMA Minimum Verification Controls (MVCs) were established in 2012 by the Saudi Arabian Monetary Agency (SAMA) in order to protect the country’s financial system and ensure its stability. The MVCs are designed to ensure that financial institutions are able to meet their obligations, comply with regulations, and protect customer data. The regulations are based on international standards and require financial institutions to meet certain criteria in order to remain compliant.
The MVCs focus on five key areas: customer due diligence, risk management, compliance, internal control and reporting. Financial institutions must demonstrate that they are able to meet customer due diligence requirements, such as verifying customer identity and assessing customer risk. Several API integrations with ELM services such as Yaqeen, Tahaquq, Absher etc are required to complete comprehensive customer verification and back ground checks. They must also ensure that all activities are compliant with applicable laws and regulations. In order to do this, financial institutions must have effective risk management and internal control systems in place.
The MVCs also require financial institutions to have a comprehensive reporting system in place. This includes establishing procedures for filing reports and providing audited financial statements. The MVCs also require financial institutions to provide a comprehensive overview of their activities and transactions to SAMA.
In addition to the MVCs, the Saudi Arabian Monetary Agency has also established the CRFR Compliance program. This program is designed to ensure that financial institutions comply with the CRFR regulations that are in place to protect the country’s financial system. The CRFR Compliance program requires financial institutions to implement specific measures to ensure they are meeting the CRFR regulations.
The MVCs and CRFR Compliance program are an important part of Saudi Arabia’s financial system. They help to ensure that financial institutions are able to meet their obligations and remain compliant with regulations. By implementing these regulations, the Saudi Arabian Monetary Agency is able to protect the country’s financial system and help ensure the stability of its economy. Graxo Consulting has been delivering SAMA MVC, CRFR and CSF compliance services for the past 3 years. We have supported more than 10 Fintechs in completing SAMA requirements by developing documents, implementing controls and verifying application controls. We have supported digital wallets, lending applications, insurance aggregators, open baking platforms and multiple diverse financial institutions. You can reach out to us to facilitate your SAMA compliance journey.
