Regulatory Alerts2022-04-05
Circular Re. The Instructions for Creditors on Dealing with Promissory Notes
The Saudi Central Bank (SAMA) issued binding instructions effective July 1, 2022, to standardize how financial institutions handle promissory notes and protect consumer rights. The document defines key terms such as 'default' and 'affected communication' while establishing minimum compliance standards for creditors. These regulations operate alongside existing SAMA directives, including those on individual customer collection procedures.
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