Procedures for Depositing Salary Payments

Saudi Central Bank (SAMA)
Banking Policies Department
Head Office

Reference No.: ....................................
Date: 1441/06/22
Attachments: None

Circular

Reference No.: 41043218
Date: 1441/06/22
Attachments: None

To the Esteemed,

Peace, mercy, and blessings of Allah be upon you,

Subject: Procedures for Depositing Salary Payments.

In light of the Saudi Central Bank's supervisory and regulatory role, and to enhance practices regarding salary payment deposits from various entities to different beneficiaries. And since it has been recently observed that some banks delay depositing salary payments,

Therefore, the Bank affirms compliance with related instructions and procedures, in addition to the following:

1. Implementing salary deposit operations immediately upon completion of their data by the relevant entities.
2. Providing qualified human resources and necessary technical resources to ensure the integrity of salary deposit and transfer operations, with an increase in the readiness of system performance monitoring from technical and operational perspectives during salary transfers and deposits to take necessary actions, and establishing effective alternative plans for depositing salaries without delay in case of any technical issues.
3. Establishing an appropriate mechanism for internal escalation of issues that prevent/delay salary deposit and transfer operations, and promptly notifying the Financial Sector Information Technology Risk Supervision Department of the nature of the problem and the actions taken to address it.
4. Conducting necessary evaluations for any changes or operations on systems and ensuring they do not affect the Bank's systems during the salary deposit and transfer period. In case of any delay in the deposit process, the Bank must send an electronic message (TSM) via the "Sari" system to the Bank, specifying the expected deposit time along with the reasons for delay, enabling the Bank to submit necessary reports to relevant entities.

To be acted upon as of its date.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions participating in the Saudi Payments Network for Fast Transfers "Sari".

P.O. Box 2992, Riyadh 11169, Telegram Address: Markazi, Telex: 404400, Phone: 46623000, Fax: 4662414