Regulatory Alerts2018-12-02
Launching the Electronic Agencies Service
The Saudi Arabian Monetary Authority requires all banks, insurance and reinsurance companies, financing entities, and exchange companies operating in the Kingdom to accept and verify electronic agency documents issued by the Ministry of Justice. This mandate follows the launch of the Electronic Agency service on 10/3/1440 AH, which eliminates paper deeds by storing agency records electronically and enabling verification through the Ministry’s website and Thiqah's "Wathiqa" platform. Financial institutions must comply with these electronic verification mechanisms in accordance with the E-Transactions Law and its executive regulations.
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