Regulatory Alerts2019-04-07
Providing Customers with Channels for Communication with Financial Institutions
The Saudi Central Bank issued Circular 48007/67 on 1440/08/02 to mandate that all licensed financial institutions establish and maintain accessible, reliable communication channels for customer interactions. The circular defines these channels to include physical branches, call centers, digital platforms, and mobile applications, requiring institutions to ensure operational efficiency, timely response mechanisms, and accurate record-keeping. Financial institutions must comply with periodic reporting and internal audit requirements within the designated timeframe, subject to regulatory enforcement for non-compliance.
1111111111 IIIIIIIIIIIIHlllllllllllfilfilUJI 48007 / 67 Date: 1440/08/02 (Hijri) Kingdom of Saudi Arabia, Saudi Central Bank Subject: Providing Customers with Channels for Communication with Financial Institutions The Saudi Central Bank hereby issues this circular to establish clear requirements for financial institutions regarding customer communication channels. All licensed financial institutions shall comply with the provisions set forth herein, ensuring that designated communication channels are accessible, reliable, and clearly defined. The Bank defines 'communication channels' as the various platforms and methods through which customers interact with financial institutions, including but not limited to physical branches, call centers, digital banking platforms, mobile applications, and email services. Financial institutions must ensure that these channels operate efficiently, provide timely responses to customer inquiries and complaints, and maintain accurate records of all communications. The Bank may require periodic reporting, internal audits, and compliance assessments to verify adherence to these channel requirements. Non-compliance with the provisions of this circular may result in regulatory actions, including corrective measures or penalties as determined by the Bank. This circular takes effect from the date of issuance, and financial institutions are granted a compliance period to align their operations accordingly. Signed by the Governor of the Saudi Central Bank, effective immediately upon publication. Appendices and detailed implementation guidelines are attached hereto. Definitions and operational standards for communication channels are clearly outlined. Compliance deadlines and reporting templates have been established.