Regulatory Alerts2001-03-02
Follow-up Circular on Instructions for Opening, Relocating, or Closing Bank Branches, Instant Remittance Centers, and ATMs
The Saudi Arabian Monetary Authority issues this follow-up circular to mandate strict compliance with security and licensing protocols for opening, relocating, or closing bank branches, instant remittance centers, and ATMs. Banks must obtain prior official approval for all new locations, apply security standards from the designated guide, and secure written consent before relocating any operational or non-operational facility. The directive further stipulates a nine-month license validity with six-month extensions for non-operational sites, requires submission of feasibility studies and site maps with applications, and mandates regular six-month progress reports and actual operational date notifications.
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