Regulatory Alerts2024-07-03
Urging the Acceptance of Payment of Gulf Employees' Insurance Contributions through Electronic Means, and Providing the Required Information and Data
The Saudi Central Bank issued a circular urging commercial banks operating in the Kingdom to accept electronic payments of insurance contributions from Gulf Cooperation Council (GCC) employees working within member states. The directive mandates that banks provide specific registration details—namely the establishment name and its pension/social security authority record number—for all related account transactions to resolve existing data gaps. Furthermore, the Bank requires active cooperation with GCC pension and social security authorities to ensure seamless processing and accurate deposit of contribution funds.
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