Emphasis on Opening Bank Accounts for and Providing the Necessary Services and Cooperation to Commercial Enterprises and Private Schools Subject to the Wage Protection Program-2014
| No: 351000063555 | Date(g): 18/3/2014 | Date(h): 17/5/1435 |
Translated Document
Referring to SAMA’s Circulars No. 351000012318 dated 28/1/1435H, and No. 351000061537 dated 12/5/1435H regarding the "Wage Protection System (WPS)" program, and further to complaints received by SAMA regarding the lack of cooperation by some banks in opening accounts for establishments subject to the WPS program, particularly private schools, which exposes these establishments to penalties.
SAMA emphasizes the importance of the national program, the "Wage Protection System (WPS)," and the necessity for banks to fulfill their responsibilities under this program, especially the matters discussed during previous workshops and meetings with bank representatives. These responsibilities include opening accounts, processing payroll files in the approved format, issuing bank cards, ensuring the availability of cash in ATMs, and providing qualified human resources to serve establishments subject to this program—particularly private schools—regardless of their workforce size or salary amounts.
We kindly request compliance with these instructions and that they be communicated to all relevant departments and divisions within the bank. Additionally, please provide SAMA with the bank’s work plan for this program within two weeks from the date of this notice.