Regulatory Alerts2020-11-29
Standardization of the Elements of Notifications Sent to Customers of Financial Institutions
The Saudi Central Bank (SAMA) has issued a circular mandating financial institutions to standardize the minimum elements of customer notification messages for all financial transactions, including purchases, transfers, fees, and e-wallet operations. Institutions must implement the updated notification templates containing specified details such as amounts, currencies, card types, dates, and times within 60 days of the circular's issuance, while submitting an implementation plan to SAMA within two weeks. Non-compliance with these standardized notification requirements and the stipulated deadlines will trigger regulatory enforcement actions.
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