Category: 55</sup

SAMA has continued to update these regulations in order to meet-up with globally acceptable processes/standards as well as the continually metamorphosing market environment. It is identified that banks are expected to keep track of such changes and ensure compliance of the latest regulatory requirements.⁵²

Application of Technology to Control of Corruptions and Fraud in Saudi Arabian Financial Institutions

Tech-driven fraud and corruption control in Saudi Arabia of late is fostered by online-banking which is creating a lot of opportunities that would enable the customer to benefit maximally from the variety of banking services available in the kingdom. Studies conducted recently on the reliability of technology towards enhancing customer usage of banking application and prevention of crime revived a high level of customer adaptations.⁵³ It was realised that there is a drift from regular (or traditional) banking by customers to tech-driven banking.⁵⁴