The Saudi Central Bank (SAMA) has issued controls the banks need to consider while issuing banking documents, Saudi media reports said.
SAMA said that the controls (which can be accessed here https://www.sama.gov.sa/arsa/RulesInstructions/Pages/BankingRulesAndRegulations.aspx) oblige banks to provide e-verification services of banking documents issued electronically or on paper, where these documents should include the means necessary for e-verification.
It also pointed out that these controls included the minimum limit of banking documents necessary for being electronically issued, which are the most needed by clients, such as the banking certificate, debt statement, and clearance.
The SAMA stressed the need for banks to issue banking documents according to the set periods under the relevant SAMA’s regulations and setting the procedures necessary to guarantee commitment to these controls, noting that these controls will go into effect on April 1, 2022.
SAMA said a step that stems from its continuous efforts towards improving the quality of e-services provided for clients of the banking sector and increasing their quality and efficiency in a way that guarantees facilitating financial transactions and saving time and effort needed for obtaining banking documents and certificates and add confidence in the authenticity of electronically issued documents.