Article 19 of the Saudi Banking Control Law
المادة 19 من نظام مراقبة البنوك
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.
Official text (Arabic)
This article has not been amended since the law was issued.
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.
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 19 explained in plain English
This article protects the confidentiality of information circulated within banking supervision, such as banks' data and financial positions and what appears in inspection.
Whom does the prohibition cover? "Any person" who obtains information during work relating to applying the provisions of the law or on the occasion of it. The text is general and covers everyone with a role in applying the law, such as the Agency's staff, the auditors it appoints for inspection under Article 18, and others whose work is connected with applying the law.
What is prohibited? Two things:
- Disclosure: revealing the information to those not authorized.
- Benefiting from it in any way: such as exploiting it for personal or commercial gain, even if he does not reveal it to anyone.
Note that the text concerns information obtained on the occasion of applying this law, and does not contain general provisions on the relationship between a bank and its customers.
The article itself does not set a penalty for violation, so one refers to the penalty articles in the law. Anyone facing an accusation of disclosure needs to consult a lawyer specialized in banking and finance.
Practical example
An auditor whom the Agency assigned to inspect a bank in Riyadh learned that the bank was about to take an important financial decision. If he tells his relatives of it or exploits the information in his private dealings, he has violated the prohibition on disclosure and benefit.
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 19 of the Saudi Banking Control Law
May a supervisory authority employee disclose banks' information?
No. Any person who obtains information during work relating to applying the law, or on the occasion of it, is prohibited from disclosing it or benefiting from it in any way.
Is it enough not to disclose in order to avoid a violation?
No. The article also prohibits benefiting from the information in any way.
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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
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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.
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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
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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.