Regulatory Alerts2019-02-05
Exclusion of Expatriates Holding Prepaid Salary Cards from the Freezing of Funds for Employees of Distressed Companies
The Saudi Arabian Monetary Authority extends its existing fund-freezing exemption to expatriate workers holding prepaid salary cards employed by distressed companies, permitting banks to deposit salaries and activate these accounts. The six-month exemption period applies from the circular's date, covering both workers with expired residency permits and those operating under temporary passport-based residency. Banks are instructed to coordinate directly with the Banking Licensing Division specialist for implementation and inquiries regarding this directive.
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