Regulatory Alerts2021-06-12
Prohibition on Using Social Media Applications for Exchanging Official Data or Documents
The Saudi Central Bank (SAMA) issued this circular requiring all financial institutions to cease using social media applications for the direct or indirect exchange of official data and documents. Mandating that such exchanges occur exclusively through secure, approved official channels, the directive aims to mitigate potential risks and negative impacts on entity operations and individual interests arising from social media and paper-based communications. The prohibition takes immediate effect upon issuance to ensure data integrity, strengthen stakeholder confidence, and maintain transaction stability across the payment systems sector.
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