Saudi Arabia adopts urgent measures to combat financial fraud

The Central Bank of Saudi Arabia (SAMA) announced on Friday the implementation of urgent temporary precautionary measures to combat financial fraud.

According to a circular issued by SAMA, banks operating in Saudi Arabia must adhere to a number of measures, including setting limits on daily wire transfers and suspending international transfers for 24 hours.

The Central Bank said its moves were within the scope of powers entrusted to it to set instructions and procedures to protect bank customers and to take appropriate measures to combat financial crime.

The Kingdom has seen an increase in fraud, due to the rapid development of financial services provided by banks through traditional and electronic channels, according to the circular issued by SAMA.

A recent meeting of the Financial Academy in Riyadh, held under the title “Innovation and the Future of Investment in Banking”, highlighted the challenges facing the Saudi banking sector in light of digital transformation. fast.

Riyadh Bank CEO Tariq Al-Sadhan noted that the growing risks of financial fraud are one of the biggest challenges facing banks in Saudi Arabia.

A recent scientific study prepared by the Arab Naif University for Security Sciences, in cooperation with the International Criminal Police Organization (Interpol), in early 2022, highlighted five types of financial fraud common in the Arab world .

The study analyzed 503 fraudulent Internet advertisements, which attracted more than 137,000 potential victims.

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