RIYADH: Saudi Central Bank Gov. Dr. Fahd bin Abdullah Al-Mubarak has inaugurated the joint operations center for Saudi banks, tasked with following up and monitoring cases of financial fraud that bank customers may be exposed to.
The center brings together all Saudi banks under one roof to improve the customer experience and tackle confirmed cases of financial fraud.
Al-Mubarak said that the inception of this center comes from the Saudi Central Bank’s permanent support for the stability of the banking sector in the Kingdom.
The initiative is based on the tasks and jurisdiction entrusted to the Saudi Central Bank under its system and the banking control system, including setting instructions and procedures to protect clients of banks operating in Saudi Arabia and taking appropriate measures to reduce chances of fraudulent crimes targeting clients.
The governor added that the formation of a joint center is one of the quick and effective procedures, which reflects the cooperation and integration required between all Saudi banks to limit the development of fraud cases, in addition to the previously issued instructions and regulatory requirements related to combating financial fraud.
The Joint Operations Center to combat financial fraud cases, which the Saudi Bank Albilad took the initiative to host, operates 24/7 under the direct supervision of the Saudi Central Bank.
The center is located on a total area of 1,300 sq. m, and includes 162 workstations. The first phase has been implemented on an area of 390 sq. m and 52 workstations, while in the second phase, the workstations will be increased to 110 on a total area of 910 sq. m.