Article 15 of the Saudi Banking Control Law
المادة 15 من نظام مراقبة البنوك
The article requires every bank to send the Agency a true and correct consolidated monthly statement of its financial position by the end of the following month, and its certified annual balance sheet within six months of year-end.
Official text (Arabic)
This article has not been amended since the law was issued.
يجب على كل بنك أن يرسل إلى المؤسسة بيانا موحدا شهريا عن مركزه المالي، وذلك في نهاية الشهر التالي، ويجب أن يكون هذا البيان حقيقيا وصحيحا وبالشكل الذي تحدده المؤسسة، كما يجب عليه أن يرسل إلى المؤسسة في خلال ستة أشهر من انقضاء سنته المالية صورة من ميزانيته السنوية وحساب أرباحه وخسائره، مصدقا عليها من مراقبي حساباته، وذلك بالشكل الذي تحدده المؤسسة.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 15 explained in plain English
This article enables the Agency to follow each bank's financial position regularly, through two kinds of statements:
1. The monthly statement:
- A consolidated statement of the bank's financial position.
- It is sent at the end of the month following the month it covers.
- It must be true and correct, in the form the Agency specifies.
2. The annual statements:
- A copy of the annual balance sheet and profit and loss account.
- Certified by the bank's auditors, whose appointment Article 14 regulates.
- Sent within six months of the end of the financial year, in the form the Agency specifies.
These statements are linked to Article 14, which requires every bank to appoint annually two auditors from the list registered with the Ministry of Commerce and Industry, who submit a report on the annual balance sheet and profit and loss account including their opinion on whether the balance sheet represents the bank's financial position. Note that the article requires the monthly statement to be true and correct, so it is not enough merely to send it on time.
For the technical details of the form of the statements, one refers to what the Agency specifies, and may consult a lawyer specialized in banking and finance.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 15 of the Saudi Banking Control Law
When does a bank send its monthly statement to the Agency?
At the end of the following month, and it must be true and correct and in the form the Agency specifies.
What is the deadline for sending the bank's annual balance sheet?
Within six months of the end of the financial year, certified by the auditors.
Who determines the form of the financial statements?
The Agency determines the form of the monthly statement and the annual statements.
More articles on Auditing Bank Accounts and Financial Statements
- Article 14
The article requires every bank to appoint two auditors each year from the list registered with the Ministry of Commerce, who submit a report on the balance sheet and profit and loss account to be sent to the Agency.
يجب على كل بنك أن يعين سنويا مراقبين اثنين للحسابات من القائمة المسجلة بوزارة التجارة والصناعة، وعلى مراقبي الحسابات تقديم تقرير عن الميزانية السنوية وحساب الأر
- Article 17
The article allows the Agency to ask any bank at any time for any data it considers necessary to achieve the law's purposes, at the time and in the form it sets.
يجوز للمؤسسة أن تطلب في أي وقت من أي بنك أن يقدم إليها في الوقت وبالشكل اللذين تحددهما أية بيانات تراها ضرورية لتحقيق أغراض هذا النظام.
- Article 20
The article requires the Agency to publish, periodically, consolidated figures on the main information in the statements banks send under Article 15.
على المؤسسة أن تنشر دوريا بيانات موحدة عن المعلومات الرئيسية التي تحتوي عليها البيانات المشار إليها في المادة الخامسة عشرة.
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.