Regulatory Alerts2025-01-09
Updated List for Amounts Excluded from Seizure under Judicial Orders
The Saudi Central Bank issued a circular attaching an updated list of customer account amounts exempt from judicial seizure, specifying the applicable coding and claimable percentages for custodian expenses and medical error compensation. Banks are required to apply these specific reference codes to relevant transfers in compliance with the Execution Law and Ministry of Justice arrangements. The updated list takes effect immediately, reinforcing financial institutions' responsibility to accurately classify and process these exempt funds.
Saudi Central Bank
Reference No.: 1,688.98 Date: 15/07/1446 Attachments: 1 (English)
Saudi Central Bank SAMA Saudi Central Bank
Subject: Updated List for Amounts Excluded from Seizure under Judicial Orders.
Circular
To Whom It May Concern, Dear Sirs,
Peace, mercy of Allah and blessings be upon you,
In continuation of SAMA Circular No. (43,4372) dated 15/05/1443H regarding the Unified Instructions for Amounts Excluded from Seizure under Judicial Orders, and with reference to Article No. (21) of the Execution Law issued by Royal Decree No. (M/53) dated 13/8/1433H specifying what is exempt from seizure and execution, and based on the arrangements concluded between the Saudi Central Bank and the Ministry of Justice regarding the exclusion of expenses deposited in the custodian account, and compensation amounts resulting from medical errors, from seizure under judicial orders.
Accordingly, we attach to you an updated list of amounts deposited in customer accounts and excluded from seizure under judicial orders; including what has been mentioned above, the specific coding for each exemption, and the percentage that can be claimed by the customer. The Central Bank also emphasizes the importance and responsibility of banks and financial institutions to code these transfers according to their specific reference "Code".
For information and action as of its date.
Yours sincerely,
Distribution Scope:
- All banks and financial institutions operating in the Kingdom.
Yazeed bin Ahmed Al-Sheikh Deputy Governor for Supervision
P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000 P.O. Box: 2992 - Riyadh - 11169 - Kingdom of Saudi Arabia Tel: ...1146330592