Regulatory Alerts2018-05-20
Activation of E-Services for Bank Accounts of Government Entities
The Saudi Arabian Monetary Authority mandates direct electronic banking services for all government entities, eliminating the need for case-by-case approvals to facilitate faster operations. The circular requires that banking transactions be executed via joint orders from authorized signatories according to approved protection levels, covering account viewing, internal transfers, and utility bill payments. Financial institutions must ensure strict compliance with existing electronic banking service rules effective immediately upon issuance.
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