Regulatory Alerts2017-12-26
Added · Updated
Issuance of Clearance Letters
The Saudi Arabian Monetary Authority (SAMA) mandates that all banks operating in the Kingdom establish a systematic mechanism for issuing and verifying clearance letters, requiring them to print documents on official letterhead with reference numbers, contact details, and email addresses. This directive responds to government and private sector requests to ensure the authenticity of clearance letters and protect all parties' rights. Effective immediately, banks must cooperate with relevant entities to maintain this standardized verification framework across the financial sector.
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