Regulatory Alerts2021-02-04
Added · Updated
Instruction Not to Seize Alimony Payments Made by the Alimony Fund
The Saudi Central Bank instructs all domestic banks and financial institutions to refrain from seizing or executing against funds deposited by the Alimony Fund into beneficiaries' accounts, as these amounts legally belong to the family rather than the debtor. The directive stems from a Ministry of Justice letter clarifying that the Fund disburses these family assets during litigation until recovery from the obligor. Banks will receive an email notification containing a SARI system identifier code to accurately distinguish these protected transfers from other transactions.
More like this from SAMA
SAMA published 1 document in the last 30 days. We email you each new one the day it's published.
Topics
Share