JEDDAH — The Saudi Arabian Monetary Authority (SAMA) has imposed a fine and other various administrative punishments on SAMBA Financial Group for not introducing necessary operational facilities in the group's IT infrastructure, the authority said.
It said a technical glitch happened in SAMBA's computer system in March 2017, which obstructed the group from providing its customers with the usual banking services for many days.
SAMA did not reveal the amount of the fine or the nature of the other administrative punishments but said it had directed SAMBA to adopt necessary correctional measures so that such violations would not recur in the future.
The authority said it had closely watched the technical fault in SAMBA's computer system, which hindered the group from extending its normal banking services.
SAMA said it had asked the group to quickly correct the technical fault so as to resume its banking services.
The authority said it had dispatched a team of specialists to investigate the real causes of the technical glitch and to check the data of the bank's customers.
It said a technical glitch happened in SAMBA's computer system in March 2017, which obstructed the group from providing its customers with the usual banking services for many days.
SAMA did not reveal the amount of the fine or the nature of the other administrative punishments but said it had directed SAMBA to adopt necessary correctional measures so that such violations would not recur in the future.
The authority said it had closely watched the technical fault in SAMBA's computer system, which hindered the group from extending its normal banking services.
SAMA said it had asked the group to quickly correct the technical fault so as to resume its banking services.
The authority said it had dispatched a team of specialists to investigate the real causes of the technical glitch and to check the data of the bank's customers.
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