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.
1 Abdulaziz T. Alotaibi From: Payment Policy Sent: Thursday, October 14, 2021 2:27 PM Cc: Husam A. AlMahmoud; Dr. Yazeed Aleissa; Payment Policy
Subject: Circular Attachments: SMS - Format - ECOM-Retail.pdf Categories: Blue Category
Gentlemen, Peace be upon you,
Saudi Central Bank Circular No. (Idrak 42023876) dated 14/04/1442 AH, addressed to financial institution clients, aims to standardize the elements of financial SMS notifications. This initiative seeks to enhance customer awareness regarding transactions executed on their accounts, memberships, and electronic wallets, through the notifications sent to them. For these transactions, and given certain newly introduced operations following Mada operations, the basic elements of SMS notifications are attached. Accordingly, financial institutions must send their respective notifications with a maximum delay before the end of the first quarter of 2022.
For your information and action, please provide the Saudi Central Bank with your implementation plan before the end of business day 4 November 2021, via the following email: (SA.GOV.SAMA@aalshuwaier). In case of any inquiries, you may contact Mr. Meshal Abdulwahab via extension number (3943), or through the following email address: (sa.gov.sama@malabdulwahab).
Yours sincerely, W.SAMA.GOV.SA