Regulatory Alerts2020-02-16
Procedures for Depositing Salary Payments
The Saudi Central Bank issued this circular to address recent delays in salary payments by requiring participating banks to execute deposits immediately upon data completion and maintain robust technical and human resources. The directive mandates internal escalation mechanisms, system performance monitoring, and the submission of electronic messages via the "Sari" network whenever deposit delays occur. Banks must implement these operational and reporting requirements effective immediately to ensure uninterrupted salary processing for beneficiaries.
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