SAMA MVC Compliance Consultancy in Saudi Arabia

What is SAMA MVC?

The Saudi Central Bank (SAMA) introduced the Minimum Verification Controls (MVC) framework to ensure that financial institutions and fintech service providers operating in the Kingdom adopt adequate measures to protect customer data and secure digital transactions. As financial technology continues to grow rapidly, so do the risks of cyberattacks, identity theft, fraud, and unauthorized access.

SAMA MVC sets out a baseline of mandatory security and verification measures that organizations such as e-wallet providers, lending platforms, crowdfunding businesses, and other fintech companies must implement. These controls establish a trusted digital ecosystem where customer identities are validated, transactions are secured, and fraudulent activities are minimized.

By complying with SAMA MVC, organizations not only meet regulatory requirements but also demonstrate their commitment to customer protection, fraud prevention, and operational resilience.

Domains Covered Under SAMA MVC

SAMA MVC defines a set of domain-specific controls to address various risks across fintech operations. These domains cover registration and onboarding, general security measures, and specialized lending application requirements.

Registration & Onboarding Controls

This domain focuses on ensuring that every customer entering the platform is properly authenticated and validated. Secure onboarding reduces the risk of fake identities, fraudulent accounts, and misuse of financial services. Key requirements include:

• Single registration — one account per National ID/Iqama or mobile number, ensuring no duplicate accounts.
• Independent validation — verification through trusted parties such as National Single Sign-On (NSSO) or Tahaqaq services.
• OTP verification — one-time-password checks for all registrations and logins.
• Session controls — restricting concurrent logins and ensuring secure device binding.
• Account lifecycle — clear and secure processes for account deactivation, reactivation, and device re-registration.

By following these measures, fintech platforms create a secure entry point for customers, reducing fraud risk from the very first interaction.

General Controls

The general controls outlined in SAMA MVC apply to all fintech business models and ensure operational, technological, and procedural safeguards are in place. Key requirements include:

• Framework alignment — compliance with SAMA’s cybersecurity framework and regulations, ensuring alignment with broader national security standards.
• Device integrity — restricting application usage on rooted or jailbroken devices, minimizing risks of exploitation.
• Continuity — establishing business continuity and disaster recovery mechanisms, with effective backup and restoration strategies.
• Data privacy — ensuring data privacy and obtaining customer consent for sensitive information.
• Awareness — conducting security awareness programs for customers, educating them on safe practices such as password management and OTP handling.
• Multi-factor authentication — enforcing MFA for all logins.
• Transaction alerts — using OTP and SMS alerts for financial transactions, bill payments, and password resets.
• Behavioral monitoring — monitoring user and device behavior to detect anomalies and fraudulent activities.
• Fraud management — developing clear processes for fraud investigation and account handling.

These general controls build a secure operational foundation, reducing exposure to cyber risks, fraud attempts, and data breaches.

Lending Application Special Controls

Since lending platforms handle sensitive financial transactions, additional controls are mandated under the MVC framework to prevent fraud and misuse. Key requirements include:

• IBAN matching — ensuring that the loan applicant’s IBAN matches the beneficiary account.
• Authorized signatures — using authorized digital signature providers for promissory notes and loan agreements.
• Trusted promissory notes — securely creating and managing promissory notes via national trusted services such as Nafith.
• Direct verification — verifying loan requests with customers via direct calls before approval.
• Lifecycle notifications — sending SMS notifications at each stage of the loan lifecycle, including submission, approval, or rejection.

These measures ensure transparency, security, and accountability across lending processes, protecting both financial institutions and their customers.

Our Methodology

We deliver end-to-end consultancy, compliance, and audit services for SAMA MVC through a structured methodology designed to ensure full alignment with regulatory expectations:

1. Gap assessment — analysing your current policies, systems, and controls against SAMA MVC requirements to identify gaps and compliance risks.
2. Risk analysis — mapping each gap to associated risks, including fraud exposure, cybersecurity vulnerabilities, and operational weaknesses.
3. Remediation planning — designing practical, risk-based remediation strategies that align with both regulatory expectations and business objectives.
4. Implementation support — providing hands-on support in deploying authentication controls, fraud detection mechanisms, MFA solutions, and monitoring processes.
5. Compliance audit — performing a comprehensive audit to ensure that all MVC requirements are addressed and documented for regulatory review.
6. Continuous advisory & training — providing ongoing consultancy, staff training, and advisory support to keep your organization aligned with evolving SAMA standards.

Why You Need SAMA MVC Compliance

Adopting SAMA MVC is not just about ticking a regulatory checkbox — it is about building a trusted, resilient, and secure fintech environment.

• Regulatory obligation — non-compliance can lead to regulatory penalties, reputational damage, and even suspension of services.
• Enhanced security — strong onboarding, MFA, and fraud monitoring reduce the likelihood of cyberattacks and financial crime.
• Customer confidence — demonstrates a commitment to protecting user data and ensuring transaction safety.
• Operational resilience — disaster recovery and backup mechanisms ensure business continuity in the event of disruptions.
• Market reputation — compliance with SAMA MVC builds trust with customers, partners, and regulators, giving you a competitive edge in the Saudi fintech landscape.

Why Choose Us

Partnering with us for SAMA MVC compliance audit and consultancy services ensures that you are working with experienced professionals who understand both local regulatory requirements and global best practices.

• Specialized in SAMA standards — expertise in SAMA MVC, SAMA Cybersecurity Framework (CSF), and SAMA CRFR.
• Comprehensive services — covering compliance audit, consultancy, remediation support, and ongoing advisory.
• Practical & business-aligned solutions — recommendations tailored to your specific operating model.
• Experience across fintech models — supporting e-wallet providers, lending platforms, crowdfunding firms, and digital banking solutions.
• Trusted partner in Saudi Arabia — helping organizations align with regulatory expectations while minimizing business disruption.