Regulatory Alerts2021-03-31
Added · Updated
Circular on Providing Clients with Account Documents Despite Legal Disputes
The Saudi Central Bank mandates that banks operating in the Kingdom must provide clients with copies of contracts, notifications, data, and account statements, even when legal disputes exist between the parties. This directive enforces compliance with Article 44 of Banking Law No. 28 of 2000 and Article 24 of the Instructions on Dealing with Customers Fairly and Transparently No. 56/2012. The order explicitly prohibits banks from withholding these documents under the pretext of pending litigation.
No.: 27/2/9421 Date: 4/11/1439 Hijri Corresponding to: 17/7/2018 Circular to banks operating in the Kingdom After Greetings, Recently, it has been noticed that some banks have refrained from providing their clients with copies of contracts signed with them, notifications, data, or statements related to their accounts under the pretext that there are cases lodged against these clients. Therefore, I would emphasize the full compliance with the provisions of Article (44) of Banking Law No. (28) of 2000 and its amendments, and the provisions of Article (24) of the Instructions on Dealing with Customers Fairly and Transparently No. (56/ 2012) dated 31/10/2012, by providing clients with copies of contracts, notifications, data, or statements related to their accounts with the bank, even if there is a legal dispute between the bank and the client. Respectfully, Governor Dr. Ziad Fariz