Regulatory Alerts2021-10-14
Key Elements of SMS Notifications for Newly Updated Mada Transactions
The Saudi Central Bank issued Circular No. 42023876 to standardize financial SMS notification elements for Mada transactions, aiming to enhance customer awareness across accounts, memberships, and electronic wallets. Financial institutions are required to send these notifications within a specified maximum delay and submit their implementation plans to the Bank by November 4, 2021. Full compliance with the updated notification framework must be achieved before the end of the first quarter of 2022.
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