Regulatory Alerts2014-03-13
Emphasis on Opening Bank Accounts and Providing Necessary Services to Commercial Enterprises and Private Schools Under the Wage Protection Program
The Saudi Arabian Monetary Authority issued this circular to address complaints regarding bank branch readiness and staff familiarity with the Wage Protection Program. It mandates banks to provide targeted staff training, designate specific communication channels for program inquiries, and ensure timely processing of payroll files from commercial enterprises and private schools. Banks must disseminate these directives to all relevant departments and branches, and submit the designated contact details to the Authority within two weeks of issuance.
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