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.
Ref. No.: 42054762 Date: 1442/08/05 Attachments: None
Circular
To: Respected Banks,
Peace, mercy, and blessings of God be upon you,
Subject: Approval of Translated Business Registers for Commercial Entities.
In light of the Saudi Central Bank's supervisory and regulatory role over banks operating in the Kingdom to organize and protect the sector, and to avoid the exploitation of similar names among commercial entities for obtaining banking facilities or products.
Therefore, the Saudi Central Bank confirms that banks operating in the Kingdom must adopt the specific English name specified in the Translated Business Registers service issued by the Ministry of Commerce when concluding salary transfer agreements with clients from institutions and commercial companies.
For information and action within one month from its date.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia | Tel: +966 11 300 463