Regulatory Alerts2021-11-18
Update to the Guidelines on Standing Orders for Real Estate Financiers
The Saudi Central Bank issued this circular to update the Standing Order Guidelines for Financing Entities, expanding coverage to all financing products and including banks and funds under the National Development Fund. The revised guidelines mandate that banks verify customers' fixed monthly income, obtain explicit acknowledgments, and execute transfers within five days of the due date. Beneficiary financing entities are required to approve amount adjustments within three business days, issue cancellation release letters within seven business days, and provide real-time notifications to customers.
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