Regulatory Alerts2021-08-16
Electronic Link with Mudad Platform
The Saudi Central Bank issued a circular directing all domestic banks and financial institutions to establish an electronic link with the Mudad platform. This mandate requires institutions to support Mudad Business Company’s payroll management solutions, expedite integration, and deliver necessary banking services to micro, small, medium-sized enterprises, and individual clients. The integration aims to facilitate secure, low-cost wage transfers for workers, enhance transparency in the labor market, and strengthen anti-money laundering and commercial hiding compliance.
Share