Deactivation of Point-of-Sale Terminals Tied to Frozen Bank Accounts of Juristic Persons

Number: 42080025
Date: 1442/11/17
Attachments: None

Circular

To: Distinguished Banks,

Greetings, peace and blessings of Allah be upon you,

Subject: Deactivation of Point-of-Sale Terminals for Frozen Bank Accounts of Juristic Persons.

Based on the authorities vested in the Saudi Central Bank under relevant systems and regulations, and in light of its supervisory and oversight role over financial institutions subject to its supervision.

You are hereby informed that banks and financial institutions operating in the Kingdom must deactivate point-of-sale (POS) terminals for frozen bank accounts of juristic persons, with emphasis on freezing all accounts and transactions of juristic persons upon the expiry of the validity period of the required license to conduct business.

For information and necessary action, effective as of the date hereof.

Yours faithfully,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

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Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

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