Regulatory Alerts2017-12-06
The Comprehensive National Campaign to Track Down and Arrest Violators of Residence, Work and Border Security Systems
The Saudi Arabian Monetary Authority reiterates Circular No. 381000075863 to enforce the Comprehensive National Campaign targeting violators of residence, work, and border security systems. Financial institutions must enhance regulatory compliance, cease employing or sheltering violators, and implement measures to block service provision to both violators and their families. The Authority will conduct ongoing field inspections while urging entities to promptly report harboring, transferring, or employing violators through the dedicated hotline (999).
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Headquarters
Banking Policy Department
No.: .................................... Date: 1439/03/18 Attachments: ....................................
Circular
To: ...................................., Your Excellency
With regards,
Subject: The Comprehensive National Campaign to Track Down and Arrest Violators of Residence, Work and Border Security Systems.
In continuation of the Authority's Circular No. 381000075863 dated 1438/7/16H regarding the Comprehensive National Campaign to Track Down and Arrest Violators of Residence, Work and Border Security Systems, the Authority wishes to reiterate the contents of said Circular and emphasize full compliance with the following:
First: Enhancing compliance with the Residence, Work, and Border Security Systems. Second: Prohibiting the employment or sheltering of violators under these Systems. Third: Taking further effective measures to prevent the provision of services to any violator, whether for themselves or their family members. Fourth: Promptly contacting the hotline number (999) upon receiving any information regarding dealings with violators, harboring them, transferring them, or employing them.
The Authority further confirms its continued field visits to all financial sectors under its supervision to verify full compliance with all Residence, Work, and Border Security Systems.
Yours sincerely,
Ahmed bin Abdullah Al-Sheikh Deputy Governor for Supervision
For Information: Distribution Scope:
- Banks operating in the Kingdom.
- Insurance and reinsurance companies, and professional practice companies
- Financing companies.
- Exchange companies.
- Credit information companies.
P.O. Box 2992, Riyadh 11169, Telegram Address: Markazi, Telex: 404400, Phone: 4633000, Fax: 4662414