Saudi Central Bank launches Joint Operations Center to combat financial fraud

RIYADH: Saudi Central Bank has launched the Joint Operations Center for banks to follow up and monitor cases of financial fraud, the Saudi Press Agency reported. 

Inaugurated by the central bank’s governor, Fahd bin Abdullah Al-Mubarak, the center seeks to improve the customer experience and tackle confirmed cases of financial fraud that Saudi bank customers may be exposed to. 

This comes as part of the institution’s continuous support for the stability of the banking sector, Al-Mubarak added. 

Additionally, the bank — also known as SAMA — announced the completion of connectivity to the Saudi Business Center utilizing its Tanfeeth program. 

The solution aims at optimizing system connectivity and integration between Saudi government entities and banks operating in Saudi Arabia, according to SAMA’s statement. 

In coordination with government entities, the Tanfeeth program seeks to promote operational efficiency by overcoming procedural hurdles.