Regulatory Alerts2024-09-04
Assignment of Debt Collection Operations for Banks and Finance Companies to Debt Collection Entities Licensed by SAMA
The Saudi Central Bank (SAMA) has extended the grace period for banks, finance companies, and licensed debt collection entities to finalize their operational partnerships until December 2024 or the issuance of further directives, whichever occurs first. This extension applies to entities that have already secured SAMA's initial approval and aligns with the regulator's ongoing review of licensing and direct supervision frameworks for debt collection activities. Affected institutions are directed to verify their approved status on SAMA's official website and ensure strict compliance with the updated operational timelines.
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