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.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority (SAMA) Headquarters Banking Policy Department
No.: .................................... Attachments: ....................................
Circular
No.: 2304/41 Date: 09/09/1439 AH Attachments: None
To the Esteemed,
Peace, mercy, and blessings of Allah be upon you,
Subject: Working Hours of Banks’ Money Remittance Centers.
I refer to my Authority’s Circular No. 381000063572 dated 14/06/1438 AH, which includes the Manual for Regulating the Operations of Banks’ Money Remittance Centers (First Edition), and No. 381000098190 dated 18/09/1438 AH regarding the exemption of certain remittance center branches to operate on Fridays.
I inform you as follows:
- Amendment of Paragraph (4) regarding the working hours of remittance centers to read as follows:
- Official working days are from Sunday to Thursday.
- Saturday is an optional additional working day, subject to the Authority’s no-objection for each branch.
- Friday is an official weekly holiday for all remittance centers.
- Working hours for the centers are from 9:30 AM to 5:30 PM.
- Extension of the exemption for certain remittance center branches to operate on Friday for one year, provided that they comply with the approved working hours arrangement above, and applications for no-objection may be submitted to the Authority including branch names, locations, and requested working hours, with such applications not exceeding 10% of the total number of remittance center branches affiliated with the bank.
For information and implementation effective from Sunday, 17/10/1439 AH corresponding to 01/07/2018 AD.
Yours sincerely,
Ahmed bin Abdullah Al-Sheikh Deputy Governor for Supervision
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
- Supervision Agency Departments.
P.O. Box 2992, Riyadh 11169, Telegram Address: Markazi, Telex: 404400, Phone: 4633000, Fax: 4662414