Regulatory Alerts2019-12-19
Cancelling the Requirement for Stamping of Institutions and Companies on Documents Used When Dealing with Customers
The Saudi Arabian Monetary Authority has cancelled the mandatory official stamp requirement on documents submitted by institutions and companies when dealing with customers, replacing it with certification from the Chamber of Commerce and Industry. This directive, effective immediately, aligns with Royal Order No. 13563 and prior circulars while preserving "Know Your Customer" (KYC) principles and customer due diligence procedures. It applies to all banks, financing companies, insurance sector entities, and exchange firms operating within the Kingdom.
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