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 |
Effective from 2023-11-13 - Nov 12 2023
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In reference to Central Bank Circular No. (44055679) dated 08/07/1444 AH regarding the consolidation of the assignment of debt collection tasks of banks, financial institutions, and financing companies to licensed debt collection entities authorized by the Central Bank, starting from 01/01/2024.
In light of the Central Bank's supervisory and regulatory role over banks, financial institutions, and licensed debt collection entities, the Central Bank wishes to emphasize the importance of adhering to the deadline specified in the aforementioned circular. It is noted that banks, financial institutions, and financing companies may continue to contract with debt collection entities that have obtained preliminary approval from the Central Bank to conduct debt collection activities for financing entities until the end of June 2024. A list of entities with preliminary approval from the Central Bank can be found on the Central Bank's official website.
*The deadline has been extended until the end of September 2024, under Circular No. (45077226) dated 26/12/1445 AH.