Regulatory Alerts2020-11-04
Instructions for Replacing the Commercial Registration Number and Licences for Non-Governmental Establishments with the Unified Number Starting with (7)
The Saudi Central Bank (SAMA) issued this urgent circular to extend the deadline for replacing commercial registration numbers and licences with a unified number starting with (7) until 31 December 2020. Financial institutions and credit information companies must update their automated systems to interlink the new unified number with existing commercial registration fields, ensuring seamless inquiries, legal execution, and payment system operations. The instructions mandate comprehensive risk assessment, staff training, periodic reporting, and sector-specific coordination to maintain financial stability without disrupting ongoing transactions or customer relationships.
Share