A. All Bank-PDs are required to develop and implement the requisite policies and procedures to ensure compliance with these Rules. Any violation or circumvention of these Rules may warrant the appropriate regulatory action by SAMA.

B. Requirement 1(E) (SAMA no-objection) above shall not apply to banks already appointed by the DMO before the effective date of these regulations.

C. These Rules supersede the previous rules issued under SAMA circular 32234 /67 dated 23/05/1440 and shall come into force effective immediately.