Regulatory Alerts2023-06-04
Acceptance of Conciliation Documents Including Proof of Custody Issued by the Reconciliation Center
The Saudi Central Bank (SAMA) has issued a circular requiring all banks and financial institutions operating in the Kingdom to accept conciliation documents from the Reconciliation Center that include proof of custody. These documents legally authorize custodians to conduct banking transactions on behalf of wards, with authenticity verifiable electronically through the Taradhi platform. The directive takes immediate effect based on established Ministry of Justice operational rules, ensuring standardized recognition across all banking operations.
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