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.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Headquarters
Banking Policy Administration
Reference: 18626/67 Date: 24/03/1440 AH Attachments: None
Circular
To the Esteemed,
Peace, mercy and blessings of Allah be upon you,
Subject: Launching the "Electronic Agencies" Service.
Reference is made to the letter from His Excellency the Minister of Justice, No. 40/748034, dated 3/3/1440 AH, which highlights the Ministry's efforts to develop and improve the quality of services provided to beneficiaries and enhance their reliability, thereby supporting the Ministry's objectives in the electronic transformation of documentation services.
We inform you that the Ministry of Justice launched the Electronic Agency service on Sunday, corresponding to 10/3/1440 AH. This service enables beneficiaries to issue agencies electronically without the need to visit notary offices or notaries. Furthermore, the issuance of paper deeds for agencies has been canceled, with their information retained electronically and made available for verification through the Ministry's website. Additionally, the "Wathiqa" service provided by Thiqah Business Services Company enables electronic verification of agencies, in alignment with the E-Transactions Law issued by Royal Decree No. (M/18) dated 8/3/1428 AH and its executive regulations.
We hope for your compliance with accepting electronic agencies and verifying them through the available means mentioned above.
Accept my greetings and appreciation,
Fahad bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks operating in the Kingdom.
- Insurance and reinsurance companies, as well as free profession companies related to insurance and/or reinsurance operating in the Kingdom.
- Financing companies operating in the Kingdom.
- Exchange companies operating in the Kingdom.