Regulatory Alerts2021-10-21
Added · Updated
Circular Re. Duration Instructions for issuing a clearance letter, account transfer and indebtedness
The Saudi Central Bank establishes specific processing timeframes for financial institutions to handle customer requests for clearance letters, account transfers, and debt transfers. Clearance letters must be issued within one working day, or seven days for customers with credit or monthly discount cards, while account transfers are required within one working day. Debt transfer processing timelines are set at one working day for consumer financing, three working days for mortgage financing forms, and five working days for finalizing mortgage debt transfers after approval. These new timeframes replace previous regulatory deadlines, excluding cases involving court orders or pending legal matters.
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