Regulatory Alerts2017-02-22
Cancellation of the Requirement for Official Seals on Documents and Papers Submitted for Financing Transactions
The Saudi Central Bank (SAMA) directs licensed financing companies to cease requiring official institutional or company seals on documents submitted for financing transactions. This mandate implements recent Ministry of Commerce and Investment resolutions and Royal Orders designed to streamline commercial activities and strengthen the Kingdom's investment competitiveness. The prohibition applies regardless of internal company policies, provided that all standard regulatory obligations, including Know Your Customer (KYC) requirements, are fully met.
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