Regulatory Alerts2023-08-07
Completion of Technical Approvals for Launching the Service Enabling Individual Customers to Access Their Bank Account Details
The Saudi Central Bank issued this circular requiring all local financial institutions to complete technical approvals and launch the individual account access service under the "Sari" instant payments system by October 2023. Banks must coordinate with Saudi Payments to finalize onboarding procedures, publicly announce the service across their channels, and ensure compliance with fraud mitigation rules. The directive mandates full operational readiness by mid-October 2023 and official customer-facing launch on October 21, 2023.
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