Regulatory Alerts2009-03-24
Added · Updated
Collecting Donations Through Mobile SMS Originating from Authorized Service Providers
The Saudi Arabian Monetary Authority (SAMA) issued this circular to regulate charitable donations collected via mobile SMS from non-service providers. It mandates that individuals or entities soliciting such funds without prior approval must comply with existing regulations, restricting collections to charitable institution offices or designated local bank accounts. Branches and staff are instructed to continuously monitor announced cases, verify account movements, and ensure ongoing compliance with the approved committee recommendations.