Regulatory Alerts2016-12-20
Added · Updated
Circular to Banks Operating in the Kingdom
Banks operating in the Kingdom are required to stop deducting loan installments from customers' credit accounts before their salaries are received, except for attachment requests from competent authorities. Banks must implement technical measures to deduct installments only upon the borrower's salary arrival or on the date contractually agreed upon with the borrower. This directive is effective from the beginning of 2017.
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