Cancelling the Requirement for Stamping of Institutions and Companies on Documents Used When Dealing with Customers

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

Saudi Arabian Monetary Authority Headquarters

Office of the Deputy Governor for Supervision

Ref. No.:
Date: 22/04/1441
Enclosures: None

Circular

To: Respected Parties,

Peace be upon you, and the mercy of Allah and His blessings.

Subject: Cancelling the Requirement for Stamping of Institutions and Companies on Documents Used When Dealing with Customers.

The Authority has received the letter from His Excellency the Minister of Commerce and Investment, Chairman of the Board of Directors of the National Center for Competitiveness ("Tasir"), No. 10201 dated 23/03/1441 AH, which refers to the Noble Royal Order No. 13563 dated 28/02/1441 AH, which stipulates first that all concerned government entities must not require private sector establishments to use official stamps and may instead rely on certification by the Chamber of Commerce and Industry, unless there is a regulatory basis requiring otherwise. And in continuation of the Authority's instructions issued pursuant to Circular No. 381000053456 dated 17/05/1438 AH, Circular No. 381000056756 dated 25/05/1438 AH, and Circular No. 391000031596 dated 18/03/1439 AH regarding company establishment procedures and the cancellation of the official stamp requirement.

Therefore, the Authority confirms that it will not require official stamps from institutions and companies on documents and papers submitted when requesting transactions, and will instead rely on certification by the Chamber of Commerce and Industry, without compromising the requirements of the "Know Your Customer" (KYC) principle and customer due diligence procedures, and announces this through available means.

For information and action as of its date.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

• Banks operating in the Kingdom.
• Financing companies operating in the Kingdom.
• Companies operating in the insurance sector in the Kingdom.
• Exchange companies and institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Tel: 4662300 - Fax: 4662543