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Business & Finance

Saudi central bank fines Samba over March technical glitch

Published January 16, 2018 Updated January 16, 2018 01:30pm
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By Shoaib Ur RehmanReuters
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RIYADH: Saudi Arabia's central bank (SAMA) said on Tuesday it has imposed financial fines and administrative penalties on Samba Financial Group, the kingdom's third largest bank, after technical issues disrupted its banking services last year.

In March 2017, Samba said a technical issue had impacted the bank systems serving branches, disrupting Automated Teller Machine (ATM) and online banking services for a few days.

SAMA did not specify the size of the financial penalty.

It said in a statement that the bank did not apply best practices in its compliance to precautionary operational settings of information technology infrastructure.

SAMBA did not have an immediate comment on the issue when contacted by Reuters.

 

Copyright Reuters, 2018

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