Provides financial services, in Saudi Arabia

Credit Information Law, Royal Decree No. M/37 of 5 Rajab 1429H (8 July 2008), arts. 6, 9, 11, 12 and 13 · Read the law's page

• If you operate a credit information company in Saudi Arabia, get a licence from SAMA first (Article 12(1)).
• Keep consumer credit information confidential and use it only for the purposes the Law and its Implementing Regulations provide (Article 6).
• Create a consumer's credit record for the first time only with the consumer's written consent, and correct an error in a record when the consumer submits supporting documents (Article 9(1) and (6)).

SAMA Counter-Fraud Framework · Read the law's page

• It reaches you if you are a Member Organisation, meaning a financial institution or financial services provider regulated by SAMA, that SAMA has notified is required to implement and comply with the Counter-Fraud Framework (the Framework applies to Member Organisations operating in Saudi Arabia at SAMA's discretion, Sections 1.4 and 1.5 and Appendix A): implement and maintain fraud detection systems that monitor customer products and services, and internal systems, for transactions or behaviors that may be indicative of fraud, and have them operate 24/7 with appropriate resources in place to manage their outputs on a timely basis (Sections 5.2(a) and 5.2(b)). The Framework words its Control Requirements as "should", and each line below keeps that strength.
• Build the fraud detection system capability to include, at a minimum, analysis of structured data, monitoring of customer and internal accounts, baselining of user behavior patterns into profiles so that deviations from normal activity can be identified, a library of rules based on known fraud typologies, segmentation of customer groups to tailor rules, a weighting of rules based on the assessed level of fraud risk together with risk scoring, aggregation of risk scores across multiple channels, and linking of outputs to a Case Management System (Section 5.2(e)).
• Draw on holistic and current data sources for detection, including customer products and services held across all lines of business, all contact channels, external information, the insights gathered from Intelligence Monitoring, transactional or settlement data and non-transactional data, and put controls in place so that the data supplied to the detection system is timely, complete and accurate (Sections 5.2(c) and 5.2(d)).
• Where the Fraud Risk Assessment identifies a higher risk of fraud or fraud incidents are higher, additionally implement system capability for big data mining, analytical tools that enhance rules-based monitoring such as predictive analytics and anomaly detection, an overlay of Artificial Intelligence and Machine Learning algorithms to enhance the system's decision making capability, predict the likelihood of fraud and learn from historical patterns of fraudulent and legitimate behavior, link analytics or entity resolution, and analysis of additional unstructured external data (Section 5.2(g)); where the inherent risk of fraud is assessed as higher, have the fraud detection standards require additional detection controls such as real time monitoring, additional data sources or Machine Learning models, or more stringent detection threshold criteria (Section 5.1(f)).
• Where Machine Learning or Artificial Intelligence is used in a counter-fraud system, whether sourced from a vendor or developed in-house, make sure the system is not a "black box" and is capable of being audited, with the capability to test what the algorithms are designed to do and whether they are correctly implemented (Section 3.8(d)(8)).
• Define, approve and implement a strategy for sourcing or developing counter-fraud systems and technology, implement them and verify that they are operating as intended, and for any such system document the rationale for the scenarios developed and thresholds applied, be able to implement new rules on a timely basis against new or emerging fraud typologies, and be able to explain the fraud threats the scenarios are designed to monitor and mitigate (Sections 3.8(a), 3.8(b), 3.8(d)(2), 3.8(d)(4) and 3.8(d)(7)).
• When a deviation from the baselined user behavior patterns is identified, either require further authentication of the user or the user's instructions, or generate an alert for further investigation to determine whether fraud has occurred (Section 5.2(h)).
• Calibrate and test detection scenarios to validate that they are working as designed, implement feedback loops that review false positives, false negatives and alerts which identified fraud, periodically review scenarios and parameters, periodically test the effectiveness of systems through tuning and calibration measures that include model validation, update user behavior patterns and rules for the latest threats, retain a documented record of changes made to configuration or rules and the rationale for the decision, and monitor for unauthorized changes to the system such as rule tampering or disabling of monitoring (Section 5.2(i)).
• Give the fraud detection systems the capability to monitor and report metrics and Management Information on data integrity, rule and scenario effectiveness such as the false positive rate, and operational performance (Section 5.2(j)).
• Operate at Counter-Fraud maturity level 3 or higher, which includes implementing fraud detection system capability to prevent and proactively detect fraud, and perform the periodic self-assessment, based on a questionnaire, that SAMA reviews and audits (Sections 2.3, 2.4 and 2.4.1).