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Effective from Feb 01 2019 - Jan 31 2019 To view other versions open the versions tab on the right
1.
The objectives of this Regulation are as follows:
a.
Increasing banking services outreach and promoting financial inclusion to the unbanked and under-banked population while maintaining the safety, soundness and stability of the banking sector;
b.
Encouraging Banks to use Agents in the provision of banking services to reduce the cost of banking services and to foster financial inclusion, reach and depth;
c.
Setting a regulatory and supervisory framework for Agent Banking, in compliance with which banking services are offered whilst ensuring full compliance with the Banking Control Law and the implementation of its provisions in addition to Saudi Central Bank instructions;
d.
Providing the minimum standards and requirements for Agent Banking to organize business;
e.
Outlining the permissible activities that can be carried out by a banking Agent after receiving Saudi Central Bank’s non- objection; and
f.
Providing minimum standards of data and network security, consumer protection and risk management to be adhered to in the conduct of Agent Banking activity.
2.
This Regulation shall apply to all Banks desiring to contract with an Agent.
