Regulatory Alerts2022-09-25
Emphasis on Finance Entities to Adhere to SAMA's Collection Regulations and Procedures for Individual Customers when Outsourcing Debt Collection Tasks to External Service Providers
Saudi Central Bank issued a circular requiring finance entities to verify that external service providers comply with SAMA’s collection regulations and procedures for individual customers when debt collection tasks are outsourced. These entities must ensure that external providers implement necessary measures to guarantee ongoing adherence to these rules, and SAMA will enforce regulatory actions against violators. The directive applies to all banks and finance companies operating in the Kingdom, reinforcing accountability across outsourced debt collection operations.
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