Regulatory Alerts2017-12-13
Instructions for Payment of Amounts to Beneficiaries of the Citizen Account Program
The Saudi Central Bank’s Banking Policy Department issues binding instructions to all local and foreign bank branches regarding the disbursement of financial entitlements under the Citizen Account Program. The directive mandates that banks must not deduct transferred program funds to settle existing debts, must exclude these entitlements from beneficiaries’ financial solvency and credit assessments, and recognizes that judicial account attachments legally cover these incoming funds. To facilitate tracking, the instructions designate tariff code 70/CITIZEN in field 26T and code (CIT) for all transfers routed through Al Rajhi Bank to beneficiaries’ accounts.
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