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2017-12-26

Issuance of Clearance Letters

The Saudi Arabian Monetary Authority (SAMA) mandates that all banks operating in the Kingdom establish a systematic mechanism for issuing and verifying clearance letters, requiring them to print documents on official letterhead with reference numbers, contact details, and email addresses. This directive responds to government and private sector requests to ensure the authenticity of clearance letters and protect all parties' rights. Effective immediately, banks must cooperate with relevant entities to maintain this standardized verification framework across the financial sector.

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Saudi Arabia

Saudi Central Bank

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In the Name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority (SAMA) Headquarters Banking Policy Department Reference No.: .................................... Attachments: .................................

Reference No.: 391000040273 Date: 08/04/1439 AH Attachments: .................................

Circular

To: His Excellency / .................................... Greetings,

Subject: Issuance of Clearance Letters.

Based on the powers delegated to the Authority under the Saudi Arabian Monetary Authority System issued by Royal Decree No. (23) dated 23/5/1377 AH, the Banks Control System issued by Royal Decree No. (M/5) dated 22/2/1386 AH, and Ministerial Decision No. (2149/3) dated 14/10/1406 AH.

And in light of the Authority receiving requests from certain government and private entities regarding the ability to verify clearance letters to ensure the rights of all parties.

Accordingly, banks must establish a mechanism that ensures the proper and systematic issuance of clearance letters by printing them on official letterhead, including a reference number, contact numbers, and an email address through which the bank can be contacted to verify the validity of a clearance letter. The Authority also wishes to emphasize the necessity of cooperation in this regard with government and private entities.

For information and necessary action, effective from its date. Yours sincerely, Ahmed bin Abdullah Al-Sheikh Deputy Governor for Supervision

For Information Distribution Scope:

  • Banks operating in the Kingdom.
  • Authority branches.
  • Banking Disputes Committee. P.O. Box 2992, Riyadh 11169, Telegram Address: Markazi, Telex: 404400, Phone: 4633000, Fax: 4662414
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