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.
1 Abdulaziz T. Alotaibi From: Payment Policy Sent: Sunday, November 28, 2021 10:40 AM Cc: Husam A. AlMahmoud; Dr.Yazeed Aleissa - Payment Policy (41) Circular - Lists of Deregistered Commercial Records: Subject 1: Deregistered CommercialRecords.xlsx. Attachments Categories: Blue Category To the respected parties, Peace, mercy and blessings of Allah be upon you,
In light of the Central Bank's role in regulating and supervising the payments sector, and its commitment to maintaining financial sector stability, and with reference to Article 2-12 (A3) of the Payment Services Providers Regulatory Rules, which grants payment service providers the authority to reject payment orders in specific circumstances when a customer's compliance with applicable systems and regulations is compromised.
We wish to emphasize the importance of payment service providers' role in verifying the regulatory compliance of customers who utilize payment services, by validating official identification documents. This verification must be incorporated into the policies and agreements of payment service providers, reflecting compliance with relevant regulatory requirements, including, for example, the obligation of payment service providers to notify their customers in writing regarding any changes to their regulatory status.
Accordingly, we attach the lists of deregistered commercial entities for your review and appropriate action, and to take what is necessary.
For your information and implementation, we also request confirmation of receipt of the attached lists via four (4) electronic messages.
Yours sincerely,
2 W.SAMA.GOV.SA