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Saudi Capital Market Authority mulls SR200,000 reward for whistleblowers

Abu Dhabi: Saudi Capital Market Authority (CMA) plans to grant whistleblowers, who report fraudulent practices in the market a reward of at least SR200,000, local media reported. A whistleblower, who has to fully and clearly describe the fraudulent practice, submit information, documents or evidence about it, will be granted a reward of up to 20 per cent of the value of the financial penalties collected as a result of the reported violations, if these penalties exceed one million riyals, Okaz reported. The whistleblower has to provide his name, the report must be of his own free will, and must not be a relative of the employees of the Capital market Authority or other regulators.

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