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3. Scope and Level of Application

Effective from Jun 16 2022 - Aug 31 2022
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These rules shall be applicable to the following institutions: 
 
i.All locally incorporated banks licensed and operating in the Kingdom of Saudi Arabia.
 
ii.All foreign branches and subsidiaries of locally incorporated banks operating outside the Kingdom of Saudi Arabia.
 
While applying the rules to subsidiaries and branches, banks shall also take into account legal and regulatory requirements of the concerned regulatory authorities.