Electronic Procuration

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In the name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Main Center

Banking Policy Department

Reference: 42009018
Date: 1442/02/18
Attachments: 2 pages

Circular

Dear Sirs,

Peace be upon you, and the mercy of Allah and His blessings.

Subject: Acceptance of Electronic Procuration.

Attached are the Authority's instructions notified via email on 2020/3/22 regarding the acceptance of electronic procuration, which take effect from the date of notification via email.

For your information and action.

Yours sincerely,

Yazeed bin Ahmed Al-Sheikh
General Manager of Banking Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom

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Suliman R. Aljabrin

From: Banking Policy Department
Sent: Sunday, March 22, 2020 6:37 PM
Cc: Abdullah Alanani
Subject: Acceptance of Electronic Procuration
Attachments: Launch of the Electronic Procuration Service.pdf

Dear Sirs,

Peace be upon you, and the mercy of Allah and His blessings.

I refer to the Authority's instructions notified under Circular No. 67/18626 dated 1440/3/24 regarding the electronic procuration service provided by the Ministry of Justice, which enables beneficiaries to issue procurations electronically without the need to visit notary offices or attorneys. It has been noted that paper documents for procurations have been canceled, with information stored electronically and made available for verification through the Ministry's website, as well as the "Wathiqa" service for electronic verification of procurations, in accordance with the Electronic Transactions Law issued by Royal Decree No. (M/18) dated 1428/03/08 and its executive regulations.

In light of the observation that some banks request paper procurations from their customers, which contradicts the aforementioned instructions, the Authority confirms that all banks operating in the Kingdom must comply with accepting electronic procurations and verifying them through reliable means.

For your information, and to act accordingly.

Yours sincerely,

Suliman bin Rashid Aljabrin
Director of Banking Policy Department
P.O. Box 2992, Riyadh 11169
Kingdom of Saudi Arabia
Saudi Arabian Monetary Authority www.sama.gov.sa

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In the name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Main Center

Banking Policy Department

Reference: 67/18626
Date: 1440/03/24
Attachments: None

Circular

Dear Sirs,

Peace be upon you, and the mercy of Allah and His blessings.

Subject: Launch of the "Electronic Procuration" Service

I refer to the letter from His Excellency the Minister of Justice No. 40/748034 dated 1440/3/3, which indicates the Ministry's efforts to develop and improve the quality of services provided to beneficiaries and increase their reliability, thereby supporting the Ministry's objectives in transforming documentation services electronically.

I am pleased to inform you that the Ministry of Justice launched the electronic procuration service on Sunday, corresponding to 1440/3/10. This service will enable beneficiaries to issue procurations electronically without the need to visit notary offices or attorneys. Paper documents for procurations have been canceled, with information stored electronically and made available for verification through the Ministry's website. Additionally, the "Wathiqa" service provided by Thiqah for Business Services enables electronic verification of procurations, in accordance with the Electronic Transactions Law issued by Royal Decree No. (M/18) dated 1428/3/8 and its executive regulations.

I hope for compliance with accepting electronic procurations, and verifying them through the available means mentioned above.

Yours sincerely and respectfully,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom
• Insurance and reinsurance companies, and licensed professions related to insurance and/or reinsurance operating in the Kingdom
• Financing companies operating in the Kingdom
• Exchange companies operating in the Kingdom

P.O. Box 2992, Riyadh 11169, Telegram Address - Markazi, Fax: 404400, Phone: 4633000, Fax: 4662414