Regulatory Alerts2018-05-24
Working Hours of Banks’ Money Remittance Centers
The Saudi Central Bank amends Paragraph 4 of its circular on money remittance centers to establish Sunday through Thursday as official working days, Saturday as an optional additional day subject to regulatory no-objection, and Friday as the official weekly holiday, with operating hours set from 9:30 AM to 5:30 PM. The regulation extends the Friday operation exemption for up to 10% of bank-affiliated remittance branches for one year, provided they adhere to the approved schedule and submit no-objection requests detailing branch names, locations, and requested hours. These updated working hour requirements take effect on July 1, 2018 (17/10/1439 AH) for all banks and financial institutions operating in the Kingdom.
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