Emphasis on Finance Entities to Adhere to SAMA's Collection Regulations and Procedures for Individual Customers when Outsourcing Debt Collection Tasks to External Service Providers

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Saudi Central Bank

Reference No.: 4401645
Date: 29-02-1444
Attachments: None

Circular

To Whom It May Concern,
Peace, mercy, and blessings of God be upon you,

Subject: Emphasis on Finance Entities to Adhere to SAMA's Collection Regulations and Procedures for Individual Customers when Outsourcing Debt Collection Tasks to External Service Providers.

Based on the authorities granted to Saudi Central Bank under relevant systems, regulations, and instructions, and in accordance with the provisions stipulated in SAMA's Collection Regulations and Procedures for Individual Customers, and given the negative practices observed in this regard;

Saudi Central Bank wishes to emphasize that it is the responsibility of Finance Entities to verify that external service providers comply with SAMA's Collection Regulations and Procedures for Individual Customers when debt collection tasks are outsourced, and to ensure that external service providers implement necessary measures to guarantee compliance with these regulations and procedures. Saudi Central Bank will take regulatory actions against violators of these regulations and procedures.

For information and appropriate action.

Yours sincerely,

Yazeed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

Distribution Scope:

• Banks operating in the Kingdom.
• Finance companies operating in the Kingdom.

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