Regulatory Alerts2017-02-14
Cancelling the Requirement for Stamping of Institutions and Companies on Documents Used for Banking Transactions
The Saudi Central Bank has issued a circular directing all banks and financial institutions operating in the Kingdom to cease requiring official company stamps on documents submitted for banking transactions, effective immediately. This directive aligns with recent Ministry of Commerce reforms and Royal Orders aimed at enhancing the Kingdom's investment competitiveness by removing redundant administrative formalities. The requirement is waived without prejudice to existing "Know Your Customer" principles and standard customer due diligence procedures.
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