Circular Re. Governing Rules for Electronic Issuance and Authenticity Verification of Banking Documents

Saudi Central Bank

Reference No.: 43049648
Date: 02/06/1443 AH
Attachments: 5 pages

Circular

Dear Sirs,
Greetings,

Subject: Governing Rules for Electronic Issuance and Authenticity Verification of Banking Documents.

In continuation of the Saudi Central Bank instructions communicated via Circular No. (41071604) dated 28/12/1441 AH, which urged banks and financial institutions to provide the service of issuing banking documents and verifying their authenticity electronically, and in furtherance of the Saudi Central Bank's efforts to develop the financial sector and keep pace with the latest digital technologies to facilitate banking transactions.

Attached are the Governing Rules for Electronic Issuance and Authenticity Verification of Banking Documents, aimed at developing the electronic services provided to customers of the banking sector and instilling trust in the authenticity of documents issued electronically in accordance with best practices.

For your information and implementation effective from 01/04/2022.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

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Governing Rules for Electronic Issuance and Authenticity Verification of Banking Documents (First Edition - Jumada al-Akhirah 1443 AH / January 2022 CE)

Important Note:
To keep pace with updates and amendments regarding instructions issued by the Saudi Central Bank, the Saudi Central Bank emphasizes the necessity of always relying on the versions published on its website: www.sama.gov.sa

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Contents

Chapter	Page Number
Chapter One: Introduction and Definitions	3
Chapter Two: Issuance and Verification	3
Chapter Three: Banking Documents	4
Chapter Four: Final Provisions	5

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Chapter One
Introduction and Definitions

First / Introduction:
These rules aim to develop the electronic services provided to customers of the banking sector and improve their quality and effectiveness in accordance with best practices; thereby ensuring the facilitation of financial transactions by saving time and effort in obtaining banking documents and certificates, and instilling trust in the authenticity of documents issued electronically.

Second / Definitions:
The following terms, wherever they appear in these rules, have the meanings indicated opposite each of them, unless the context dictates otherwise:
Saudi Central Bank: The Saudi Central Bank.
Rules: Governing Rules for Electronic Issuance and Authenticity Verification of Banking Documents.
Bank: Banks and financial institutions licensed to conduct banking business in accordance with the provisions of the Banking Control Law.
Banking Documents: Documents or certificates issued by banks upon the customer's request to achieve various purposes.

Chapter Two
Issuance and Verification

First / Issuance of Banking Documents:

1. The Bank should utilize technical systems to process customer requests for the issuance of all banking documents.
2. The Bank must make the issuance of banking documents available electronically in Arabic, and in English at the customer's request.
3. The Bank's mechanism for providing the electronic issuance of banking documents service must meet the following:
   3.1 Compatibility with technical requirements and provisions contained in relevant systems and instructions - including but not limited to: the Personal Data Protection Law, the Electronic Transactions Law, the Information Security Regulatory Guide, the Business Continuity Regulatory Guide, and any instructions issued by the Saudi Central Bank or relevant authorities.
   3.2 Inclusion in the banking documents of statements confirming the protection and confidentiality of the information contained therein and the responsibility of the holder to maintain it.
   3.3 Ensuring that the banking document includes what clarifies its official status according to each bank's internal policy; such as stamps, signatures, and anything that ensures the electronic document is considered equivalent to the paper document.
4. The Bank must name the documents with clear titles that reflect their actual purpose.
5. The Bank must include the issuance date in all banking documents.

Second / Electronic Verification of the Authenticity of Banking Documents:
6. The Bank must make the electronic verification service available for all banking documents issued by it (whether electronically or on paper).
7. The Bank must include in the banking documents issued by it a clarification of the means by which electronic verification is performed.

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Chapter Three
Banking Documents

8. The documents listed in this chapter constitute the minimum number of documents that the Bank must make available for issuance, taking into account the purpose stated opposite each of them in case of differences in their titles, as follows:

Document	Description
Bank Certificate:	Proof of an existing relationship between the Bank and the customer, including the account number, opening date, and total balance according to the customer's request.
Proof of Indebtedness:	A document indicating the existence of a debt owed by the customer to the Bank, the amount, and the remaining balance.
Account Statement:	A statement of the account balance and transactions made on it during a period specified by the customer.
Clearance Certificate:	A document in which the Bank acknowledges that the customer has no financial obligations towards it.
Certificate of International Account Number (IBAN):	Proof of the customer's International Account Number (IBAN).

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Chapter Four
Final Provisions

9. These rules do not derogate from the provisions contained in relevant instructions and any subsequent updates thereto.
10. The Bank must comply with issuing banking documents within the timeframes specified by relevant instructions of the Saudi Central Bank, with clarification to the customer of the time required to issue the banking document upon request.
11. The Bank must put in place procedures and measures that ensure compliance with these rules.
12. The Bank must educate customers on the mechanism for issuing banking documents and verifying their authenticity electronically.
13. The Bank must periodically review the banking documents most in demand by customers; to prioritize them in making the electronic issuance service available for them.

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