Regulatory Alerts2018-03-20
SAMA Circular on Linking Sadad Account with the Main Account
Saudi Arabian Monetary Authority (SAMA) requires banks to treat "Sadad Accounts" in alignment with their linked main current accounts regarding update status, inactivity rules, anti-money laundering requirements, and relationship disclosures. This directive eliminates the practice of independently freezing Sadad Accounts despite an active main account, thereby reducing operational burdens for both customers and financial institutions. Banks must implement these changes according to SAMA's action plan and notify their relevant internal departments accordingly.
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