Regulatory Alerts2016-03-28
Approval of Arrangements for Activating the Articles Related to Residence and Work Addresses
Saudi Post Corporation, acting on a Cabinet Resolution, mandates that all financial institutions, including banks, insurance companies, and financing firms, must link customer services such as account opening and loan applications to the submission of an approved National Address. Institutions are required to ensure their automated systems are ready for this implementation by the end of 2016, actively promoting National Address registration to their customers. This measure formalizes the use of the National Address, prepared by Saudi Post, as the legally recognized address for all official communications and transactions, with verification available through Saudi Post.
Share