Regulatory Alerts2023-11-13
Emphasis on Compliance with the Specified Deadline for Identifying Debt Collection Operations Assigned by Banks and Finance Companies to SAMA-Licensed Debt Collection Entities
The Saudi Central Bank (SAMA) issued this circular emphasizing compliance with the January 1, 2024 deadline for identifying debt collection operations assigned by banks and finance companies to SAMA-licensed entities. Banks and finance companies may continue contracting with preliminary-approved debt collection agencies until June 30, 2024, provided their names appear on SAMA’s official portal. Financial institutions must verify agency licensing status and adhere to the specified timeline to maintain regulatory compliance.
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