Article 28 of the Saudi Finance Companies Control Law

This article regulates the day-to-day supervisory relationship between SAMA and a finance company, in three provisions:

1. Supplying data: the finance company supplies SAMA with the data it requests.
2. Periodic examination: SAMA must examine the finance company's records and accounts periodically. The wording "SAMA must" makes the periodic examination a duty on it, not a mere option.
3. Sanction for refusal: the company's refusal to provide what this examination requires is considered a violation of the provisions of the Law and its Regulations.

So the company cannot rely on any reason to withhold what the examination requires, because the refusal is in itself a violation. The article did not specify the penalty for this violation.

It is preceded by Article 27, which requires appointing a licensed external auditor and allows SAMA to appoint another. It is followed by Article 29, which sets out the measures SAMA takes toward the company if it commits violations relating to professional misconduct or dealings that put its shareholders or creditors at risk, or if its debts exceed its assets.

If your company is receiving requests for data or examination from SAMA, it is advisable to consult a lawyer who specializes in banking and finance.