Financial Crime World

Saudi Arabia Introduces New Compliance Technology Solutions Amid Data Protection Regulation Amendments

The Kingdom of Saudi Arabia has taken significant steps to implement new compliance technology solutions to align with the European Union’s General Data Protection Regulation (GDPR). Recent amendments to the Personal Data Protection Regulation (PDPL) and the release of Implementing Regulations in July 2023 have introduced stricter requirements for organisations operating within the country.

Financial Services Firms Face Daunting Task

Financial services firms, in particular, face a daunting task as they must implement compliance measures before the enforcement deadline of September 14, 2024. To build compliance ahead of this deadline, several key steps can be taken:

Building Compliance Ahead of the Deadline

  • Data Mapping: Conducting a comprehensive data mapping exercise is crucial to document how personal data is processed across its lifecycle. This should include identifying collection methods, storage practices, sharing protocols, and disposal or archiving procedures.
  • Policies, Procedures, and Privacy Notices: Develop policies that outline data protection and security standards, including procedures for employees to follow. Review IT-focused policies and procedures to ensure they incorporate data protection considerations.
  • Assessments: Identify international transfers of personal data and conduct transfer impact assessments to determine compliance. Develop a robust process for conducting Data Protection Impact Assessments (DPIA) for high-risk processing operations.
  • Security: Implement strong security controls, particularly when handling sensitive data such as health information. Evaluate the need for encryption and review access control models.
  • Governance: Establish a data protection governance model and consider appointing a data protection officer to oversee compliance.
  • Training and Awareness: Develop regular training programs to communicate key standards and ensure employees feel empowered to handle data correctly.

Ongoing Compliance Process

While the deadline of September 14, 2024, provides organisations with a target date to aim for, it is essential to view this as an ongoing process rather than a one-time event. Organisations should strive to develop compliance activities that can serve future needs and obligations under laws in other jurisdictions where they operate.