Article 17 of the Saudi Banking Control Law
المادة 17 من نظام مراقبة البنوك
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.
Official text (Arabic)
This article has not been amended since the law was issued.
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.
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 17 explained in plain English
This article gives the Agency broad power to obtain information from banks whenever it sees a need.
- When? At any time, so it is not bound by periodic dates.
- From whom? From any bank subject to the law.
- What? Any data the Agency considers necessary.
- For what purpose? To achieve the purposes of this law, meaning the power is tied to the banking supervision the law regulates.
- How? At the time and in the form the Agency specifies, and the bank is bound to comply with them.
The difference between this article and Article 18 is that this one concerns requesting data for banks to provide to the Agency, while Article 18 concerns inspecting the bank's records and accounts at its premises after the Minister of Finance's approval. Note that Article 17 does not require the Minister's approval for requesting data, unlike Article 18, and unlike Article 16, which lets the Agency set general rules regulating matters such as the maximum for loans after the approval of the Minister of Finance and National Economy.
This article itself includes no penalty for failing to provide data. Compliance officers in banks may consult a lawyer specialized in banking and finance when needed.
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 17 of the Saudi Banking Control Law
Is the Agency entitled to request any data from a bank?
Yes. It may at any time request any data it considers necessary to achieve the purposes of the law.
Who determines the time and form of providing data?
The Agency determines the time and the form.
Does the Agency need the Minister's approval to request data?
This article does not require it, unlike the inspection in Article 18, which needs the approval of the Minister of Finance.
More articles on The Agency's Supervision and Inspection
- Article 16
The article allows the Agency, after the Minister of Finance's approval, to set general rules on loan limits and types, dealing conditions, deposits, security ratios and assets kept in the Kingdom, and to set bank holidays and hours.
يجوز لمؤسسة النقد بعد موافقة وزير المالية والاقتصاد الوطني أن تضع قواعد عامة لتنظيم المسائل الآتية: 1 - الحد الأعلى لمجموع القروض التي يجوز لبنك أو أكثر تقديمها
- Article 18
The article allows the Agency, after the Minister of Finance's approval, to inspect any bank's records and accounts at its premises through its staff or auditors it appoints, and requires bank staff to provide documents and information.
للمؤسسة بعد موافقة وزير المالية والاقتصاد الوطني أن تجري تفتيشا على سجلات وحسابات أي بنك، سواء بمعرفة موظفيها أو بمعرفة مراجعين تعينهم، على أن يتم فحص الدفاتر و
- Article 19
The article prohibits anyone who obtains information during or on the occasion of work relating to applying the law from disclosing it or benefiting from it in any way.
يحظر على أي شخص يحصل على أية معلومات أثناء أو بمناسبة قيامه بأي عمل يتعلق بتطبيق أحكام هذا النظام إفشاؤها أو الإفادة منها بأية طريقة.
- Article 21
The article allows the Minister of Finance, in exceptional circumstances and after Council of Ministers approval, to exempt any bank from some provisions, decisions and rules of the law for a limited period and on conditions set for each case.
يجوز لوزير المالية والاقتصاد الوطني في أحوال استثنائية وبعد موافقة مجلس الوزراء أن يعفي أي بنك من بعض أحكام هذا النظام أو القرارات أو القواعد الصادرة تنفيذا له،
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.