Regulatory Alerts2015-01-13
Fees for Wage Protection Program Transfers Between Accounts Within the Bank
The Saudi Arabian Monetary Authority mandates that all financial transfers under the Wage Protection Program between accounts within the same bank be provided free of charge. Financial institutions must adhere to the established SARIE and SPAN pricing policies for interbank transfers and prepaid cards, ensuring no additional fees are applied. Furthermore, banks are required to execute a formal Service Agreement that clearly outlines all applicable charges and secures the counterparty's acceptance prior to implementation.
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