SDAIA, SAMA to Regulate Oversight Mechanisms for Financial Institutions Compliance

Riyadh: The Saudi Data and AI Authority (SDAIA) and the Saudi Central Bank (SAMA) signed a supplemental memorandum of understanding (MoU) to organize the mechanisms and procedures for monitoring and supervising compliance among financial institutions. The agreement, signed at SDAIA headquarters in Riyadh, builds upon the initial MoU established between the two entities aimed at implementing the provisions of the Personal Data Protection Law and its executive regulations. According to Saudi Press Agency, the supplemental MoU aims to enhance collaboration between the two parties in regulating aspects related to the implementation of the law and its executive regulations.