Regulatory Alerts2021-11-28
Circular No. 41 - Lists of Deregistered Commercial Records
The Saudi Central Bank’s Payment Policy division issued this circular to mandate that payment service providers verify customers’ regulatory compliance and official identification documents prior to processing payments. It requires these providers to embed verification protocols into their policies and agreements, including a mandatory written notification process for any changes in customers’ regulatory status. The circular attaches lists of deregistered commercial entities for immediate review, directing providers to reject payment orders for non-compliant customers and confirm receipt through four electronic messages.
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