Governing Rules for Electronic Issuance and Authenticity Verification of Banking Documents
No: 43049648 Date(g): 5/1/2022 | Date(h): 2/6/1443 Status: In-Force Translated Document
Further to SAMA's instructions issued under Circular No. (41071604) dated 28/12/1441 H, which aim to encourage banks in providing the service of issuing banking documents and verifying their authenticity electronically, and as a continuation of SAMA's efforts to develop the financial sector and align with the latest digital technologies to facilitate banking transactions.
Enclosed are the regulations for the issuance and electronic verification of banking documents, aimed at enhancing the electronic services provided to banking sector customers and ensuring the reliability of electronically issued documents according to best practices.
For your information and adherence to these regulations starting from April 1, 2022G.
Chapter One: Introduction and Definitions
First/Introduction
These regulations aim to enhance the electronic services provided to banking sector customers, improving their quality and effectiveness according to best practices. They are designed to facilitate financial transactions by saving time and effort in obtaining banking documents and certificates, and to ensure the reliability of electronically issued documents.
Second/Definitions
The following terms -wherever they appear in these regulations- shall have the meanings specified next to each, unless the context requires otherwise:
Central Bank: Saudi Central Bank (SAMA)
Regulations: Regulations for the issuance and electronic verification of banking documents.
Bank: Banks licensed to conduct banking activities in accordance with the provisions of the Banking Control Law.
Banking Documents: Documents or certificates issued by banks at the customer's request for various purposes. Chapter Two: Issuance and Verification
First/Issuance of Banking Documents
1. The bank should utilize technological systems to process all customer requests for the issuance of banking documents.
2. The bank must provide the option to issue banking documents electronically in Arabic, and in English if requested by the customer.
3. The bank’s mechanism for providing electronic issuance of banking documents should ensure the following: 3.1 Compliance with technical requirements and regulations outlined in relevant systems and instructions, including but not limited to: the Personal Data Protection Law, the Electronic Transactions Law, the Cyber Security Framework, the Business Continuity management Framework, and any directives issued by SAMA or relevant authorities.
3.2 Inclusion in the banking documents of assurances regarding the protection and confidentiality of the information contained, and the responsibility of the bearer to maintain it.
3.3 Ensuring that the banking document meets the internal policies of each bank regarding its official status, such as stamps, signatures, and any measures that ensure the electronic document is considered equivalent to a paper document.
4. The bank should use clear and descriptive titles for banking documents that reflect their actual purpose.
5. The bank must include the date of issuance in all banking documents. Second/Electronic Verification of the Accuracy of Banking Documents
- The bank must provide an electronic verification service for all banking documents issued by it, whether (electronically or in paper form).
- The bank must include a clear explanation in the issued banking documents on how to perform the electronic verification.
- The bank must provide an electronic verification service for all banking documents issued by it, whether (electronically or in paper form).
Chapter Three: Banking Documents
8. The documents listed in this chapter represent the minimum required for issuance by the bank. The purpose indicated for each document should be considered in case of differences in their titles, as follows:
Document
Description
Bank Certificate: A document that confirms the existing relationship between the bank and the customer, including the account number, the date of account opening, and the total balance as requested by the customer.
Debt Confirmation: A document that details an outstanding debt of the customer to the bank, including the amount and the remaining debt.
Account Statement: A statement showing the account balance and transactions conducted during a period specified by the customer.
Clearance Certificate: A document in which the bank acknowledges that there are no outstanding financial obligations of the customer to the bank.
International Bank Account Number (IBAN) Certificate: A document confirming the client's International Bank Account Number (IBAN). Chapter Four: Final Provisions
- These guidelines do not invalidate the provisions outlined in related instructions and any subsequent updates.
- The bank must adhere to issuing banking documents within the timeframes specified by the relevant SAMA's instructions, and must inform the customer of the time required to issue the banking document upon request.
- The bank must implement procedures and measures to ensure compliance with these guidelines.
- The bank must educate customers on the process for issuing banking documents and verifying their authenticity electronically.
- The bank must periodically review the banking documents most frequently requested by customers to prioritize the provision of electronic issuance services for these documents.
- These guidelines do not invalidate the provisions outlined in related instructions and any subsequent updates.
Soft Launch
Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.