The New Model for Objection slip on cheque Form - 2003
| No: 241000000009 | Date(g): 6/3/2003 | Date(h): 3/1/1424 | Status: Modified |
Translated Document
Based on the proposal submitted by SAMA branch in Riyadh to change the current Objection slip on cheque form, which is outdated and no longer serves its purpose, a task force was formed from the SAMA and some local banks. This team concluded that a new unified form should be prepared for use by both the banks and SAMA branches, taking into account the technological and procedural developments in banking.
We have attached a copy of the new Objection slip on cheque form, which should now be used by SAMA branches and banks operating in the Kingdom. It must be included when returning a cheque to the clearinghouse or to the client who submitted the cheque, for each cheque individually. We hope that it will be approved for implementation in your documents one month from its date. We would also like to emphasize that the responsibility for verifying the legality of cheques presented to banks—including the validity of powers of attorney, inheritance certificates, guardianship documents, and identity verification documents for the relevant account—lies entirely with the banks prior to submitting the cheques to the clearinghouse. Additionally, the banks are responsible for any violations that may arise thereafter.