Riyadh – Sharikat Mubasher: The Saudi Data and AI Authority (SDAIA) and the Saudi Central Bank (SAMA) announced signing a supplemental memorandum of understanding (MoU) to enhance the mechanisms and procedures for monitoring and supervising compliance within financial institutions.

This step underscores the Kingdom's commitment to fostering a robust regulatory framework in line with global best practices, as per an official press release.

The agreement, formalized at SDAIA's headquarters in Riyadh, builds on an earlier MoU between the two organizations. This foundational agreement laid the groundwork for enforcing the provisions of the Personal Data Protection Law and its executive regulations, a cornerstone of Saudi Arabia’s efforts to protect individual privacy and promote responsible data governance.

With the supplemental MoU, SDAIA and SAMA aim to deepen their collaboration by refining regulatory frameworks and ensuring that financial institutions align with the Personal Data Protection Law.

This partnership reflects the Kingdom's vision to create a data-driven economy, where regulatory oversight supports innovation while safeguarding personal data. By joining forces, the two entities strive to enhance accountability, streamline compliance, and foster trust across the financial sector.