Emphasis on Compliance with the Specified Deadline for Identifying Debt Collection Tasks Assigned by Banks, Financial Institutions, and Financing Companies to Licensed Debt Collection Entities Authorized by the Central Bank
| No: 45029088 | Date(g): 13/11/2023 | Date(h): 1/5/1445 | Status: In-Force |
Translated Document
Effective from 2023-11-13 - Nov 12 2023
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In reference to SAMA Circular No. (44055679) dated 08/07/1444 H regarding assigning debt collection operations of banks and finance companies to debt collection entities licensed by SAMA, starting from 01/01/2024.
In light of SAMA's supervisory and regulatory role over banks, financial institutions, 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 financing companies may continue to contract with debt collection entities that have obtained preliminary approval from SAMA to conduct debt collection activities for financing entities until the end of June 2024. A list of entities with preliminary 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.