Regulatory Alerts2024-07-02
Assignment of Debt Collection Operations for Banks and Finance Companies to Debt Collection Entities Licensed by SAMA
The Saudi Central Bank (SAMA) has extended the deadline for banks, financial institutions, and financing companies to contract with initially approved debt collection entities until the end of September 2024. This extension preserves the regulatory requirement to restrict debt collection outsourcing exclusively to SAMA-licensed or initially approved entities, as previously mandated in Circulars 40.55679 and 40.29.88. Affected institutions must verify their partners' approval status on SAMA's official website to ensure continued compliance with the updated operational framework.
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