Regulatory Alerts2019-04-29
Allowing cash withdrawals and ATM card issuance for customers with seizure and ban decisions
The Saudi Central Bank’s Banking Policy Department mandates that financial institutions allow customers subject to court-ordered account seizure or transaction bans to withdraw legally exempt funds, including statutory salary portions, via ATM cards and to issue or renew such cards. This directive exempts ATM card issuance and renewal from existing prohibition orders, provided that implementing procedures ensure compliance with core seizure and ban regulations. All regulated banks and financial institutions must fully operationalize these measures by the end of the second quarter of 2019.
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