Regulatory Alerts2020-06-06
Charging Fees on Mada Claims
The Saudi Arabian Monetary Authority (SAMA) mandates that banks and financial institutions refund customers for incorrect or incomplete ATM, POS, and e-commerce transactions within two working days. To enforce compliance, SAMA imposes tiered settlement fees ranging from 5 to 25 Saudi Riyals per claim, scaled by the total number of claims submitted. This circular, effective from 20/7/1443 AH, applies to all domestic banks, financial institutions, payment service providers, and Saudi Payments Company to strengthen banking sector confidence and reduce customer claims.
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