Regulatory Alerts2024-07-29
Urge Connectivity with Takamul Platform
The Saudi Central Bank issued this circular urging operating banks to establish technical connectivity with Takamul Holding Company for automated verification of unified identification numbers. This integration streamlines compliance for non-governmental entities that do not require a commercial registration by replacing traditional registration numbers with unified identifiers starting with (7). Banks must conduct technical and cybersecurity tests, implement precautionary measures, and adhere to existing regulatory guidelines when executing this connectivity.
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