Regulatory Alerts2021-03-18
Approval of Translated Business Registers for Commercial Entities
The Saudi Central Bank mandates that all banks operating in the Kingdom must adopt the specific English name from the Ministry of Commerce's Translated Business Registers service when processing salary transfer agreements with commercial clients. This requirement aims to prevent the exploitation of similar entity names to secure banking facilities or products, reinforcing the regulator's supervisory oversight. Banks are instructed to implement this name adoption protocol within one month of the circular's issuance date.
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