Emphasis on Opening Bank Accounts and Providing Necessary Services to Commercial Enterprises Subject to the Wage Protection Program

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Arabian Monetary Authority
Headquarters

9040983026

Banking Technology Department
Reference No.: .................... /SAMA/
Date: 1435/01/28
Attachments: ....................

Circular

Reference No.: 351000012318
Date: 1435/01/28
Attachments: ....................

To the Esteemed,
.................................................................................................

Subject: Emphasis on Cooperation, Opening Bank Accounts, and Providing Necessary Services to Commercial Enterprises Subject to the Wage Protection Program.

With best regards:

With reference to the Ministry of Labor's "Wage Protection Program" project, which is one of the national initiatives aimed at ensuring the rights of male and female employees in private sector enterprises to receive their wages on time and in the agreed amount by monitoring monthly wage disbursement operations and determining the extent of enterprises' compliance with it. Following workshops held with banks to discuss the project and implementation plan, as well as presentations submitted to relevant banking committees and the development of the project's operational mechanism during them.

The Authority wishes to emphasize the importance of this national project and the necessity for all banks' compliance and readiness to receive payroll files for the "Wage Protection Program" system from commercial enterprises according to the format approved in the "Technical Specifications for Wage Protection System Payroll File" (WPS Technical Specification Document) prepared in coordination with the General Administration of Payment Systems, as well as processing them and sending results to commercial enterprises, according to the plan approved by the Ministry of Labor, which goes through several stages. The first stage began on 1434/10/25 AH (corresponding to September 1, 2013 AD) and targets commercial enterprises with more than 3,000 employees and private schools. The Authority also emphasizes the importance of following necessary procedures to provide required capabilities to handle account opening requests and ensure cash availability through ATMs and other services required by program beneficiaries, such as ATM cards and others.

We hope for compliance with it and communication to all concerned departments and branches.

Yours sincerely,

Fahd bin Abdullah Al-Mogbel
Governor

Distribution Scope:

• Banks operating in the Kingdom
• Authority Departments

P.O. Box 2992, Riyadh 11169, Telegram: MARKAZI, Telex: 404400, Tel: 4419067, Fax: 4662851