Regulatory Alerts2021-06-02
Unified Instructions for Funds Exempt from Seizure Under Court Orders
The Saudi Central Bank instructs all domestic banks and financial institutions to refrain from seizing funds received from specified government entities and transferred to executed-against parties under court orders. The directive mandates that these funds remain fully accessible for cash withdrawals and requires issuing banks to apply specific tariff codes in SWIFT fields 26T and 70 for accurate identification. In cases of erroneous deduction, banks must refund the amounts within 24 hours, thereby operationalizing established arrangements with the Ministry of Justice.
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