Regulatory Alerts2024-12-30
Assignment of Debt Collection Operations for Banks and Finance Companies to Debt Collection Entities Licensed by SAMA
The Saudi Central Bank extends the compliance deadline for banks, Riba-free financial institutions, and finance companies to align with licensed debt collection entities until the end of March 2025 or the issuance of further directives, whichever occurs first. This directive amends an earlier extension to December 2024, reinforcing SAMA’s supervisory review of licensing and direct oversight for the debt collection activity. Financial entities may verify their alignment status through SAMA’s official website, which publishes the list of debt collection entities granted initial approval to undertake this activity.
Share