Regulatory Alerts2019-12-17
Prohibiting Seizure of Agricultural Subsidies
The Saudi Arabian Monetary Authority (SAMA) confirms that agricultural subsidy amounts credited to bank accounts under court-ordered execution are exempt from seizure, in accordance with Article 21 of the Execution Law. Banks must apply designated SARIE system codes (AGR in field 26T and AGRSUBSIDY/ in field 70) to accurately identify these protected transfers, while beneficiaries may request the release of pre-existing deposits upon submitting supporting documentation. This directive takes immediate effect and applies to all financial institutions operating within the Kingdom.
Share