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Al-Jazeera – Economics:
The Saudi Monetary Agency (SAMA) has recommended to banks, insurance and reinsurance companies, and finance companies operating in the Kingdom and its affiliates. To obtain the identity of legal persons from 1 August 2018,.
Sama explained that these companies could obtain their own identity card from the Saudi Credit Information Company (SAMA) as a GLEUF-accredited Saudi Arabian Exploitation Unit for the LEI system. .
Legal Entity Identification is an international system that provides a special normative standard for legal entities consisting of 20 symbols: for example, the official name, the address of the head office, the legal form of the institution and the subsidiaries' relationships with its parent companies. Legal entities allowing regulators and supervisors to assess potential risks and maintain the stability and efficiency of the financial sector and the control of dealers in the Saudi market, as well as to provide accurate and up-to-date information on these legal entities periodically.
At the beginning of the year, SAMA organized workshops and workshops to explain the project in the presence of representatives of banks, insurance and reinsurance companies, and finance companies to determine Importance of providing legal identifiers worldwide. Improve the performance of risk departments in companies and institutions, and better assess risks.
It is worth mentioning that SAMA owns the Kingdom's operational unit under the name of IDU, which is one of the 32 operational units identifying legal entities in the world, accredited and associated with the World Association of Legal Persons. The International Association of Legal Entities in September 2017, has already released a feature up to now 240 ID, each received a distinctive special icon worldwide, backed by high-quality data.
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