Assignment of Debt Collection Operations for Banks and Finance Companies to Debt Collection Entities Licensed by SAMA — SAMA — SA

Saudi Central Bank (SAMA)
Reference No.: 45077226
Date: 1445/12/26
Attachments: None

Circular

Dear Sir/Madam,

Peace be upon you, mercy of Allah and His blessings,

Subject: Assignment of debt collection operations for banks, financial institutions, and financing companies to debt collection entities licensed by the Saudi Central Bank.

Reference is made to Circular No. (40.55679) dated 08/07/1444H regarding the restriction of debt collection operations for banks, financial institutions, and financing companies to debt collection entities licensed by the Saudi Central Bank. Furthermore, in continuation of Circular No. (40.29.88) dated 01/05/1445H regarding the confirmation of compliance with the specified deadline for restricting debt collection operations for banks, financial institutions, and financing companies to debt collection entities licensed by the Saudi Central Bank.

In light of the supervisory and regulatory role of the Saudi Central Bank over banks, financial institutions, financing companies, and debt collection entities; the Saudi Central Bank wishes to inform that the deadline for banks, financial institutions, and financing companies to contract with debt collection entities holding initial approval from the Saudi Central Bank to undertake debt collection operations for financing institutions has been extended until the end of September 2024. The list of entities holding initial approval to undertake this activity can be found on the Saudi Central Bank's official website.

For your information and compliance.
Yours faithfully,

Yazeed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

Distribution Scope:

Banks and financial institutions operating in the Kingdom.
Financing companies operating in the Kingdom.
Debt collection entities licensed by the Saudi Central Bank.
Debt collection entities holding initial approval to undertake debt collection operations for financing institutions.

P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000

Lineage: No known changes

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Mentions (2): 2 documents this one mentions without changing them

Refers to

Emphasis on Compliance with the Specified Deadline for Identifying Debt Collection Operations Assigned by Banks and Finance Companies to SAMA-Licensed Debt Collection Entities2023 · SAMA
“Furthermore, in continuation of Circular No. (40.29.88) dated 01/05/1445H regarding the confirmation of compliance with the specified deadline for restricting debt collection operations for banks, financial institutions, and financing comp…”
Assigning debt collection operations of banks, financial institutions, and finance companies to debt collection entities licensed by the Central Bank2023 · SAMA
“Reference is made to Circular No. (40.55679) dated 08/07/1444H regarding the restriction of debt collection operations for banks, financial institutions, and financing companies to debt collection entities licensed by the Saudi Central Ban…”