Regulatory Alerts2022-05-15
Added · Updated
Mechanism for Reporting Judicial Decisions Issued Against Certain Financial Institutions
The Saudi Central Bank (SAMA) issued this circular requiring financial institutions to utilize the Ministry of Commerce's "Electronic Authorization" service and the "Najiz Portal" to receive, view, and respond to judicial notifications against them electronically. This mechanism permits institutions to designate authorized representatives for service of process and enables real-time tracking of all court orders issued in their favor or against them. Consequently, financial institutions can file claims within the statutory notification period as mandated by Articles 32 and 46 of the relevant regulatory systems, thereby streamlining judicial compliance.
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