Regulatory Alerts2021-02-08
Cancellation of the requirement for the official seal of institutions and companies on documents and papers submitted in dealings with customers
The Saudi Central Bank (SAMA) has re-emphasized the cancellation of the requirement for an official seal from institutions and companies on documents submitted in dealings with customers, noting observed non-compliance by some banks. Financial institutions must now accept Chamber of Commerce authentication as sufficient, without requesting an official seal, while still upholding Know Your Customer (KYC) principles and customer due diligence procedures. Banks are required to inform all relevant departments and branches, and provide SAMA with confirmation of compliance within five working days, or face legal measures.
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