Beginning your Business is a great challenge that carries some risk and also can carry great benefits. One of the risks you may face while starting a new business is the financial disputes.Of course you will need consultations from experts in the field of commercial law to help you with these cases. We will discuss with you all you need to know about committees for banking and financial disputes and violations.
What is Committees for banking and financial disputes and violations
The first point you may need to know is the identification of these committees and their responsibilities. These are committees formed by a group of financial and legal experts who specialise in handling disputes and violations related to banking and financial sector. The main regulatory authorities operating these committees are the Saudi Central Bank, Capital market authority.
The judgement of these committees are enforceable, though appeals may be submitted to higher judicial bodies, such as the Appeal Committee for Banking Disputes or the Administrative Court. The main objective of these committees is to ensure the compliance of different working bodies with Saudi law and Islamic financial regulations.
Main responsibilities of the committees for banking and financial disputes and violations
As we mentioned before, committees for banking and financial disputes and violations
Are responsible for handling disputes and violations related to banks and financial issues, but in details they can do the following :
- Handles disputes between banks and their clients loan repayment, banking guarantees and different issues of the investors with their bank accounts.
- Address and resolve the different violations arising from banking transactions.
- Addressing violations of financial regulations, like Money laundering.
- Ensuring the compliance of different investment entities with the regulations of Saudi Arabian Monetary authority.
- Protect the integrity of the financial system, by providing specialised expertise in financial and banking matters who can maintain this goal.
Types of committees for banking and financial disputes and violations
Committees for banking and financial disputes are divided into the following types:
- Committee for the Resolution of Banking Disputes (CRBD).
This committee is responsible for handling disputes between banks and customers, or between banks and themselves. This committee is managed by the Saudi Central Bank.
- Committee for Resolution of Securities Disputes (CRSD):
Which is managed by the Capital Market Authority, and handles the disputes related to securities and investment activities
- Committee for Financial Violations and Disputes.
Which aids in the violations of financial regulations, such as anti-money laundering, and compliance with Saudi Arabian Monetary Authority rules.
International and local commercial arbitration services with Mousa & partners legal office
Mousa & partners legal office provides the services of international and local commercial arbitration services that can help in setting different conflicts away from judiciary. Types of arbitration in commercial disputes with Mousa & partners legal office:
- Institutional arbitration: It is conducted under the supervision of specialized arbitration institutions such as the International Court of Arbitration of the International Chamber of Commerce.
- Free arbitration: It is organized by the parties without the need for any arbitration institution.
- Specialized arbitration: which is suitable for specific sectors such as energy, contracting, or intellectual property.
- Electronic arbitration: It has become necessary with the expansion of electronic commerce, as it is carried out through advanced electronic platforms.
Reserve your free consultation, with Mousa & partners legal office
Get all what you need to know about committees for banking and financial disputes and violation in Saudi Arabia, with Mousa & partners legal office, and get your free consultation to be aware about the legal situation of your company with Banks or with any other party. Contact us and reserve your free consultation and get your free consultation now.
Common questions about Committees for banking and financial disputes and violations
Can you file a complaint to this committee if you have a dispute?
Yes of course, you can file a complaint, as this option is available for customers, and businesses who are involved in a dispute.
Do l need legal representation to complain to these committees?
You may need legal representation for complex cases.
How can individuals file a complaint to these committees?
Filing a complaint can be done by preparing the required documents such as the contract, financial statement, and any other related evidence to the dispute. The following step is to file this complaint to the SAMA’s official portal online. This step is totally free from any fees.
What is the time required by the committee to resolve a dispute?
Disputes could be resolved within a few months generally, but it may vary from case to case.
What happens if I am dissatisfied with the decision?
Appeals can be made to higher authorities, such as the Administrative Court or specialized appeal committees.
Why to choose Mousa & partners legal office for your legal consultations?
High experience in the commercial law to deal with different legal situations, comprehensive legal solutions to all legal conditions not only commercial law cases to work with all legal conditions, and hard working to ensure professional transparency. These advantages make Mousa and partners legal office the best place for all your legal consultations.
Contact information for Mousa & partners legal office
Address: Floor H, Building 407, Zone 4, King Abdullah Financial District (KAFD), Riyadh, Saudi Arabia
Phone number: +966505898510
Email: info@mousalegal.com
Working time: everyday from 9 AM to 5 PM, except Saturday and Sunday from 10 AM to 6 PM.
Committees for banking and financial disputes and violations are a great step toward making an encouraging environment for investment and maintaining a financial community’s compliance with the rules and regulations of the Saudi government and Islamic religion.