SAMA refers to the letter received from His Excellency the Minister of Commerce concerning the recent updates related to the data recorded in the Commercial Registration Certificate. The updates include the adoption of the Unified National Number, beginning with (7), to serve as the primary and sole identifier for the establishment. Consequently, the Ministry will cease issuing shall be omitted commercial registration numbers. Additionally, the expiry date of the Commercial Registration Certificate will be removed, and rely solely on the annual confirmation submitted by the merchant to the Ministry to avoid the suspension of their registration.  Further to SAMA's Circular No. (106896152), dated 11/10/1446H, which referenced Royal Decree No. (M/83), dated 19/03/1446H, approving the new Commercial Register Law and Law of Trade Names , we emphasize the necessity of implementing the provisions of both newly enacted laws. In addition, reference is made to SAMA's instructions regarding mandatory integration with the Ministry of Commerce’s systems for the purpose of electronically verifying the commercial registration information of establishments.

SAMA emphasizes to all banks the importance of ensuring the readiness of their internal technical systems, to ensure compliance with the provisions of the newly enacted Commercial Register Law and the Law of Trade Names. Banks are also instructed to enhance awareness and understanding among staff in relevant business departments handling commercial registrations, as well as branch employees. This should be done with consideration of the key substantive amendments included in the aforementioned laws, including but not limited to the following: