Cancelling the Requirement for Stamping of Institutions and Companies on Documents Used for Banking Transactions

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank (SAMA)
Headquarters: Riyadh

Banking Policies Department

Reference No.: 381000053456
Date: 17/05/1438 AH
Subject: ——
Attachments: ——

Circular

To the Esteemed,

Greetings,
Subject: Cancelling the Requirement for Stamping of Institutions and Companies on Documents Submitted for Banking Transactions.

With reference to the Ministry of Commerce and Investment letter No. (23475) dated 05/05/1438 AH, which refers to Ministerial Resolution No. (27895) dated 03/05/1438 AH amending Ministerial Resolution No. (817) dated 19/07/1417 AH regarding the determination of certificates, instruments, and documents issued and certified by the Chambers of Commerce and Industry in the Kingdom, wherein the resolution stipulates that official stamping for certification is not mandatory for certificates, instruments, and documents issued by private sector establishments. And with reference to the Ministry of Commerce and Investment letter No. (16266) dated 28/03/1438 AH, which refers to the Noble Royal Order No. (11154) dated 29/02/1437 AH approving the recommendations of the Council of Economic and Development Affairs regarding the competitiveness of the Kingdom's investment environment, as well as the proposed recommendations to enhance competitiveness and facilitate the commencement of commercial activities, including the cancellation of the official stamping requirement for institutions and companies.

And whereas it has been observed that some banks and financial institutions require the official stamping of institutions and companies on documents and papers submitted for banking transactions, despite the absence of a regulatory requirement to that effect, which negatively affects the competitiveness of the Kingdom's investment environment.

Therefore, the Institution affirms to banks and financial institutions operating in the Kingdom that they shall not require the official stamping of institutions and companies on documents and papers submitted when opening bank accounts or conducting banking transactions, without prejudice to the requirements of the "Know Your Customer" principle and customer due diligence procedures.

For information and action as of its date.
Yours sincerely,

Governor
Ahmed bin Abdullah Al-Sheikh
Deputy Governor for Supervision

Supervision: Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11469, Telegram Address: MARKAZI, Telex: 404400, Phone: 463200, Fax: 4672414