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  • Chapter 1 Chapter 1 Investigation

    • Article (121) Appointment of Investigators

      (a) When necessary, the Central Bank may appoint one or more qualified investigators to conduct investigation with respect to the following:
      a. Nature or position of the business of a Licensee.
      b. A particular aspect of the businesses of a Licensee.
      c. The ownership or control of a Licensee.
      d. Whether the Licensee is practicing the very business licensed thereto, and assessing to what extent the Licensee is abiding, in providing the said business, by the provisions of the law and the terms and conditions of the license.
      e. Whether a Licensee is carrying out unlicensed business.
      f. Whether the listed companies are abiding by the procedures and principles of listing referred to in paragraph (c) of Art (86) of this law.
      i. The Investigator may conduct an investigation, where necessary, on the business of any member of a group or company to which the Licensee under investigation is a party. The Licensee under investigation must be notified in writing of the decision to investigate its business.

    • Article (122) Assistance in Investigations by Overseas Authorities

      (a) The Central Bank may provide assistance upon request by an Overseas authority. To this end the central bank may:
      1. Exercise the powers conferred thereto by Article 111 of this law to require information and documents.
      2. Appoint one or more qualified persons to provide a report pursuant to Article 113 of this law and/or to investigate any matter pursuant to Article 121 thereof.
      (b) In deciding a request by an overseas authority pursuant to paragraph (a) of this Article, the Central Bank may consider in particular:
      1. Whether the country or territory of the Overseas authority is adopting the basis of reciprocity in its relation with the Kingdom;
      2. The seriousness of the case and its importance to persons in the Kingdom;
      3. Whether it is otherwise appropriate in the public interest to give the assistance requested.
      (c) The Central Bank may decide to reject the request stated in paragraph (a) of this Article unless the Overseas Authority undertakes to make contributions towards the cost of exercising such powers as the Central Bank considers appropriate.

    • Article (123) Request of Information and Documents in Possession of a Third Party

      (a) Any person who is in possession of information or documents relevant to an investigation conducted by the Central Bank or its duly appointed investigator, should promptly present such information or documents upon request by the central bank or its duly appointed investigator
      (b) If the Central Bank or its duly appointed investigator receives a document according to the requirement imposed under this Chapter, it may:
      1. Take copies or extracts from such document.
      2. Require the person producing the document, or any other relevant person, to provide an explanation of the contents of the document.
      (c) If the person fails to produce the document required, but he has information about the whereabouts of such document, then he should, upon the request of the Central Bank or its appointed investigator, indicate where the document is located.

    • Article (124) Enabling the Central Bank to Practice Its Duties

      (a) If the Central Bank or its authorised person, for any reason, fails to enter and inspect the premises, offices, or locations of the Licensee to obtain any information or necessary documents and data, or if the powers conferred to the Central Bank are not sufficient for it to practice its supervision tasks over the business of the Licensee, then the Central Bank may seek a court order upon a petition to enable the authorised investigators to carry out the following:
      1. Entering and inspecting specific premises and obtaining relevant information, data or documents.
      2. Copying or taking extracts of any relevant document information or data.
      3. Compelling any person employed by the Licensee to give explanation respecting, or to specify the whereabouts of, any documents, information or data.
      Compelling force may be used where necessary.
      (b) If necessary the Central bank may retain any documents obtained by virtue of the provisions of the previous paragraph for a period not exceeding six months. However, if the procedures of a trial of any person commenced in connection with committing a crime within the period of the specified six months and the procedures of the said trail continued beyond this period, and the mentioned documents prove to be of relevance to such procedures, then the Central bank may retain such documents up to the end of the said trial procedures, or to any other date determined by the Competent Court.