Cancellation of the requirement for the official seal of institutions and companies on documents and papers submitted in dealings with customers

Saudi Central Bank

Number: 42043529
Date: 1442/06/26
Attachments: None

Circular

Dear Sirs/Madams,

Peace, mercy, and blessings of God be upon you,

Subject: Cancellation of the requirement for the official seal of institutions and companies on documents and papers submitted in dealings with customers.

I refer to the instructions of the Saudi Central Bank "SAMA" communicated by Circular No. 41028325 dated 1441/4/22 AH, No. 39100031596 dated 1439/3/18 AH, and No. 381000053456 dated 1438/5/17 AH, which included the cancellation of the requirement for the official seal of institutions and companies on documents and papers submitted in dealings with customers and emphasized this.

Given the observed non-compliance of some banks with the aforementioned instructions, the Central Bank emphasizes the necessity of sufficing with the Chamber of Commerce's authentication, and not requesting the official seal from institutions and companies on documents and papers submitted in dealings with customers, without prejudice to the requirements of the Know Your Customer (KYC) principle and customer due diligence procedures, and to announce this through available means.

For your information, to act accordingly, to inform all relevant departments and branches, and to provide the Central Bank with confirmation of compliance with its content within a maximum period of five working days from its date via email: (bankingpolicy@sama.gov.sa), noting that legal measures will be taken in case of non-compliance.

Sincerely,

Fahad bin Ibrahim Al-Shathri
Deputy Governor for Supervision

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Distribution Scope:

• Banks operating in the Kingdom.

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P.O. Box 2992 Riyadh 11169 Kingdom of Saudi Arabia Tel: +966 11 463 3000 ---