Regulatory Alerts2021-04-04
Requirements and Information Needed for Customers' Bank Account Statements
The Saudi Central Bank mandates that all banks operating in the Kingdom standardize the minimum information and details included in customer bank account statements to ensure regulatory compliance and transparency. This directive requires banks to provide specific data fields for various transaction types, including cash deposits, withdrawals, check processing, and fund transfers, with a mandatory deadline for implementation by the end of the second quarter of 2021. Additionally, banks are permitted to offer a simplified statement option as an alternative, which must include at least the transaction type, date, and amount.
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