Riyadh, Saudi Arabian Monetary Authority "Sama" announced the issuance of its decision to suspend the freezing of clients' bank accounts for a period of (30) days, according to specific cases.

This step is attached to the instructions issued by the institution regarding regulating the work by financial institutions "remotely" according to specific controls, and taking into account the current circumstances, which result in reducing the number of bank branches to a minimum and allocating them to provide only necessary services that are not available through electronic channels, and in line with procedures of preventive measures issued by the competent authorities to combat the spread of the Coronavirus (COVID-19).

The Monetary Authority has identified the cases that the above decision applies to, namely, the expiration of the customer’s identity, the failure to meet the requirements of knowing your customer (KYC), and changing the account status to a dormant account, as there are no banking transactions on the account, with an emphasis on banks taking into consideration the facilitation of the procedures for renewing the ATM cards Mada, and credit cards by all available means.

Source: Saudi Press Agency

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