Regulatory Alerts2009-03-17
Regulating Banking Employees' Communications With Customers for Payment of Outstanding Debts
The Saudi Arabian Monetary Authority issued this circular to address customer complaints regarding excessive and poorly timed debt collection calls. It mandates banks to implement a mechanism that restricts such communications exclusively to debtors or their formally named guarantors, ensuring calls occur only during official banking hours. Additionally, banks must follow up with non-responsive customers through competent authorities and report their implementation measures within one month.
Share