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.
In the name of Allah, the Most Gracious, the Most Merciful Saudi Post Corporation Head Office
Banking Policies Department
Number : Attachments :
Circular
To the Esteemed / Excellency Greetings,
Subject: Approval of Arrangements for Activating the Articles Related to Residence and Work Addresses.
Further to the Corporation's Circular No. (351,000,1674) dated 06/08/1435 AH, which conveyed the approval of the Royal Court on Cabinet Resolution No. (252) dated 24/07/1434 AH regarding the arrangements for activating the articles related to (residence or work addresses) contained in the Civil Status Law, the Commercial Register Law, and the Residence Law. Whereas Paragraph (1) of the aforementioned resolution stipulated that "the general place of residence shall be an address for every natural person, legal person, individual establishment, public entity, or other, unless they choose a private place of residence address for receiving notifications and communications, etc. The general or private place of residence address – as applicable – prepared by Saudi Post Corporation shall be considered an approved address with all legal implications," and Paragraph (5) stipulated that "Ministries, government agencies and others, and entities affiliated with or linked to any of them, or supervised by them, whether public or private entities such as banks, telecommunications companies, commercial and service establishments and the like, shall take appropriate measures to oblige beneficiaries of their services to provide and update address data, and link those services to it...".
Accordingly, the Corporation wishes to emphasize the necessity of linking the provision of various services to customers, including but not limited to: opening and updating bank accounts, issuing insurance policies, and providing financing products, with the submission of approved address data prepared by Saudi Post Corporation (National Address). It also emphasizes verifying the readiness of automated systems to ensure the implementation of these instructions before the end of 2016, and announcing this to customers through all possible channels, including but not limited to: the website, text messages, and email, and urging customers to register their addresses
(National Address) with Saudi Post Corporation via the website (www.sp.gov.sa), noting that the validity of any submitted address can be verified by contacting Saudi Post Corporation.
For your information and action accordingly.
The Authority And accept my greetings, Tariq bin Abdul Rahman Al-Sadhan Deputy Governor for Supervision
Distribution Scope:
- Operating Banks and Financial Institutions.
- Insurance and Reinsurance Companies and Freelancers.
- Financing Companies.
- Currency Exchange Operators.
- Credit Information Companies.
P.O. Box 2992 Riyadh 11169, Telegraphic Address: Markazi, Telefax 404400 Tel 4632000 Fax 4677414