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.
Sun 6/13/2021 3:22 PM Payment Policy Circular
To the Esteemed, /Gentlemen, Peace, mercy, and blessings of God be upon you.
We have noted the Saudi Central Bank's commitment to safeguarding the data and relationships of financial institutions, given their significant impact on stakeholder confidence and transaction stability. In reference to the instructions issued by the Central Bank in this regard,
We wish to inform you that all financial institutions must refrain from using social media applications for exchanging any official data or documents, whether directly or indirectly. Such exchange of data or documents must be conducted through secure and approved official channels, considering the potential negative effects and risks associated with using social media and paper-based communication for exchanging data or documents on the activities of entities and the interests of individuals.
Please be informed accordingly, with effect from the date hereof.
Yours sincerely,
Payment Systems and Companies Policy Division Payment Systems and Companies Control Department
📞 966 11 463 3000 PaymentPolicy@SAMA.GOV.SA ✉️ P.O. Box 2992, Riyadh 11690