Regulatory Alerts2021-03-01
Responding to the Requests of the General Secretariat of the Committees for Resolution of Banking and Financial Disputes and Violations
The Saudi Central Bank issued this circular requiring all domestic banks and financing companies to promptly respond to case preparation requests from the General Secretariat of Banking and Financial Disputes and Violations Committees within specified statutory timeframes. Institutions must adhere to the attached schedule of deadlines, which range from three to ten working days depending on the document type, and must immediately notify the Secretariat with a justification if compliance is not possible, while providing requested items within thirty days of the initial request. Failure to comply will trigger necessary statutory enforcement measures by the Bank, ensuring expedited judicial proceedings and reduced litigation duration.
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