Article 23 of the Saudi Central Bank Law
المادة 23 من نظام البنك المركزي السعودي · الفصل السادس: أحكام ختامية
Central Bank Board members, employees, external auditors and agents are prohibited from disclosing any information about the affairs of the Bank or financial institutions, during their work and after leaving it.
Official text (Arabic)
This article has not been amended since the law was issued.
يحظـر على أعضـاء المجلس وموظفـي البنك ومراجعي حساباته الخارجيين ووكلائه إفشاء أي بيانات أو معلومات تتعلق بشؤون البنك أو بشؤون المؤسسات المالية سواء أثناء عملهم أو بعد تركهم للعمل.
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 23 explained in plain English
This article sets the duty of confidentiality at the Central Bank:
- On whom? Four categories:
- Board members.
- Bank employees.
- Its external auditors.
- Its agents.
- What is prohibited? Disclosing any data or information relating to:
- the Bank's affairs, or
- the affairs of financial institutions.
- When? During work and after leaving it; the obligation does not end when the relationship ends.
The article matters to the public because it covers information about financial institutions, which under Article 1 are any person subject to the Bank's supervision, oversight and regulation. Information these people learn about such institutions through their work remains protected.
The article does not state the penalty for disclosure, or cases in which information may be revealed, so nothing can be inferred from it on those points.
It is preceded by Article 22, which regulates the Bank's contracts and procurement. It is followed by Article 24, which prevents interference in any way in the running of the Bank's business, touching its policies, imposing oversight on it, or auditing its accounts, contracts or agreements.
Anyone whose information has been disclosed, or who is accused of disclosing it, should consult a lawyer who specializes in banking and finance or in criminal cases.
Practical example
A former Central Bank employee has moved to a consulting firm and is asked to talk about supervisory observations on a bank that he saw during his work. Under this article he is prohibited from disclosing this information even after leaving the Bank.
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 23 of the Saudi Central Bank Law
Is a Central Bank employee bound by confidentiality after leaving work?
Yes. Disclosure is prohibited both during work and after leaving it.
Who is bound by confidentiality at the Central Bank?
Board members, Bank employees, its external auditors and its agents.
Does confidentiality cover information on commercial banks?
It covers any data or information relating to the affairs of financial institutions, which are all those subject to the Bank's supervision, oversight and regulation.
More articles on Conflicts of Interest and Confidentiality at the Central Bank
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.