Regulatory Alerts2024-06-25
Reduced Processing Time for Local ATM Claims
The Saudi Central Bank has reduced the maximum substantive response period for local ATM claims from seven to four business days, effective August 1, 2024. This directive requires Acquiring banks to process claims for card-issuing bank customers within the new timeframe while maintaining all existing Saudi Network and GCC Network settlement procedures. The updated timeline applies to all financial institutions operating in the Kingdom and supersedes prior instructions regarding exceptional case reporting.
Saudi Central Bank
Reference No.: 45076318 Date: 1445/12/19 Attachments: None
Circular
Dear Sirs, Peace, mercy and blessings of God be upon you,
Subject: Reducing the time period for processing local ATM claims.
Based on the Saudi Central Bank's authority to issue relevant instructions regarding financial institutions and their operations, in accordance with its system issued by Royal Decree No. (M/36) dated 1442/04/11 AH, and the SAMA instructions issued regarding settlement procedures for claims and complaints of Saudi Network and GCC Network operations, as well as the instructions concerning exceptional cases reported under Circular No. (57143/M AQ/27221) dated 1432/12/03 AH, which stipulate that Acquiring banks shall provide substantive responses to ATM claims for card-issuing bank customers within a maximum of seven business days from the date of claim receipt, in the special procedures for claims exchange between banks related to Saudi Network operations.
Accordingly, please be informed that the maximum period for substantive response to ATM claims for card-issuing bank customers, as stipulated in the aforementioned instructions, has been reduced to a maximum of four business days from the date of claim receipt, instead of seven business days, while maintaining all other relevant procedures in the instructions.
For information and action, effective from 2024/8/1 AD.
Yours sincerely,
Yazid bin Ahmed Al-Sheikh Deputy Governor for Supervision
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.