Emphasis on Compliance with the Specified Deadline for Identifying Debt Collection Operations Assigned by Banks and Finance Companies to Debt Collection Entities Licensed By SAMA
| No: 45029088 | Date(g): 13/11/2023 | Date(h): 1/5/1445 | Status: In-Force |
Translated Document
In reference to SAMA Circular No. (44055679) dated 08/07/1444H regarding assigning debt collection operations of banks and finance companies to debt collection entities licensed by SAMA, starting from 01/01/2024G.
In light of SAMA's supervisory and regulatory role over banks, finance companies, and licensed debt collection entities, SAMA wishes to emphasize the importance of adhering to the deadline specified in the aforementioned circular. It is noted that banks, and finance companies may continue to contract with debt collection entities that have obtained initial approval from SAMA to conduct debt collection activities for finance entities until the end of June 2024G. A list of entities with initial approval from SAMA can be found on SAMA's official website.
*The deadline has been extended until the end of September 2024, under Circular No. (45077226) dated 26/12/1445 H.