Assignment of Debt Collection Operations for Banks and Finance Companies to Debt Collection Entities Licensed by SAMA
| No: 45077226 | Date(g): 2/7/2024 | Date(h): 26/12/1445 | Status: In-Force |
Translated Document
In reference to SAMA Circular No. (44055679), dated 08/07/1444H regarding the restriction of the assignment of debt collection operations of banks and finance companies to debt collection entities Licensed by SAMA. Additionally, further to SAMA Circular No. (45029088), dated 01/05/1445H, which emphasizes the commitment to the specified deadline for restricting the assignment of debt collection operations of banks and finance companies to debt collection entities Licensed by SAMA.
In light of SAMA's supervisory and regulatory role over banks, finance companies and licensed debt collection entities, SAMA wishes to inform that the deadline for banks and finance companies to contract with debt collection entities that have obtained initial approval from SAMA to conduct debt collection activities for finance entities has been extended until the end of September 2024G. A list of entities with initial approval from SAMA can be found on SAMAs official website.
For your information and compliance.