Article 22: Settlement of Transactions
| No: 37541/67 | Date(g): 20/2/2019 | Date(h): 15/6/1440 | Status: In-Force |
Effective from Feb 01 2019 - Jan 31 2019
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To ensure quality of services provided for the beneficiaries and to earn their trust, the Bank must perform the following:
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| a. | Ensure that all transactions carried out through the banking Agent are posted on a real time basis for ‘in bank’ account transactions;
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| b. | Complete transactions that credit or debit accounts in other banks in accordance with Saudi Central Bank clearing instructions;
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| c. | Conduct a daily reconciliation to ensure settlement is done properly; and
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| d. | Clarify responsibilities of both the Bank and the Agent towards transaction settlement risks.
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