Regulatory Alerts2020-06-02
Subscription to "Natheer" E-Service
The Saudi Central Bank (SAMA) mandates all banks operating in the Kingdom to subscribe to and utilize the "Natheer" E-Service by July 30, 2020. This electronic subscription enables real-time monitoring of expatriate account holders and money transfer memberships, specifically tracking final exit statuses, visa cancellations, and unreturned return visas. By integrating with official government data, the service allows banks to promptly apply banking account rules and instructions to mitigate both good-faith and fraudulent fund movements.
In the Name of Allah, the Most Gracious, the Most Merciful
| Saudi Central Bank (SAMA) | Headquarters |
|---|---|
| Document No.: | 41059025 |
| Date: | 1441/10/10 (AH) |
| Enclosures: | None |
Circular
To: Respected Banks,
Peace be upon you,
Subject: Subscription to the "Natheer" E-Service.
In accordance with the authorities vested in the Bank by its System issued under Royal Decree No. (23) dated 1377/5/23 AH, and the Banks Control System issued under Royal Decree No. (M/5) dated 1386/2/22 AH, and following the Bank's instructions communicated via Circular No. 5365/67 dated 1441/1/27 AH regarding encouraging all banks operating in the Kingdom to utilize the "Natheer" E-Service, which enables knowing and updating customer data status by notifying them of events occurring to them through electronic linkage with official entity data, by providing alerts on several events including:
- The status of residents' final exit before and after crossing borders.
- The status of cancellation of the final exit visa after its issuance.
- The status of issuance of a return visa where the holder did not return.
And based on the Bank's regulatory and supervisory role in monitoring compliance with systems and instructions related to bank accounts and money transfer memberships, and what may arise from the exploitation of bank accounts or money transfer memberships by expatriates who have left the Kingdom, and fund movements that do not represent the beneficial owner, whether for good faith or fraudulent purposes, it is required for all banks operating in the Kingdom to subscribe to and use the "Natheer" E-Service, enabling them to apply bank account rules and related instructions immediately upon knowing the status of the expatriate account holder or money transfer membership.
For information and action, with a maximum deadline of Thursday, 2020/7/30 CE.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks operating in the Kingdom.