Companies and Institutions Must Not Be Required To Restore Revoked Commercial Registers

Saudi Central Bank

Reference No.: 42033072
Date: 1442/05/19
Attachments: None

Circular

To: Respected Banks,
Greetings,

Subject: Companies and Institutions Must Not Be Required To Restore Revoked Commercial Registers.

I refer to the request by banks and commercial institutions for companies whose commercial registers have been revoked to restore those registers in order to receive the financial dues owed to them, whether via checks or otherwise. And in continuation of the existing coordination between the Saudi Central Bank (SAMA) and the Ministry of Commerce, I inform you that all banks and commercial institutions must not require companies and institutions to restore their revoked commercial registers in order to receive their financial dues, subject to the following considerations:

1. If the beneficiary is a company, the financial dues shall be paid to the agent on behalf of the partners, after verifying the names of the partners according to the latest memorandum of association with the assistance of services provided by the Wathiq portal.
2. If the beneficiary is an institution, the financial dues shall be paid to its owner, after verifying it with the assistance of services provided by the Wathiq portal.

For information and action as of its date,
Yours sincerely,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

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Distribution Scope:
Banks and commercial institutions operating in the Kingdom.

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P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000