Regulatory Alerts2020-10-05
Electronic Procuration
The Saudi Arabian Monetary Authority (SAMA) issued this circular to mandate all banks and financial institutions operating in the Kingdom to accept and verify electronic procurations issued by the Ministry of Justice. The directive requires institutions to cease requesting paper-based powers of attorney and instead utilize electronic verification channels, including the Ministry’s website and the Wathiqa service provided by Thiqah for Business Services. This change aligns with the Electronic Transactions Law and eliminates redundant paper documentation, streamlining customer transactions while maintaining legal validity.
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