Article 20 of the Saudi Banking Control Law
المادة 20 من نظام مراقبة البنوك
The article requires the Agency to publish, periodically, consolidated figures on the main information in the statements banks send under Article 15.
Official text (Arabic)
This article has not been amended since the law was issued.
على المؤسسة أن تنشر دوريا بيانات موحدة عن المعلومات الرئيسية التي تحتوي عليها البيانات المشار إليها في المادة الخامسة عشرة.
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 20 explained in plain English
After Article 15 required every bank to send a consolidated monthly statement of its financial position and its annual balance sheet and profit and loss account certified by its auditors, this article makes part of that information available to the public.
- Who is bound: the Saudi Arabian Monetary Agency, and the text is in mandatory terms ("the Agency shall").
- What is published: consolidated figures on the main information contained in the statements referred to in Article 15, not the detailed statements themselves.
- Timing: periodically, without the article setting a specific period.
This article achieves a degree of transparency in the banking sector, since researchers, investors and the public can see a general picture of the financial position. On the other hand, Article 19 remains the governing rule prohibiting disclosure of, or benefiting from, information obtained by any person on the occasion of applying the law; publication here is done by the Agency itself in implementation of a legal provision and in consolidated form.
The article does not set the form or means of publication, which is left to the Agency. Anyone who needs to understand the effect of these figures in a dispute or financial dealing 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.
How we write and review contentBanking, Finance & Securities lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Banking, Finance & Securities lawyers
Lawyers who handle this kind of case
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Dr. Saleh Altayyar & Partners Law Firm
Frequently asked questions about Article 20 of the Saudi Banking Control Law
Does the Agency publish banks' data?
Yes. It must publish, periodically, consolidated figures on the main information in the statements banks send under Article 15.
Are the detailed statements of each bank published?
The article speaks of consolidated figures on the main information, not of publishing the detailed statements.
How often are these figures published?
The article provides for periodic publication without setting a specific period.
Articles this article refers to
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 15
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.
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 المؤس
- 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.
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.