Companies and Institutions Must Not Be Required to Retrieve canceled Commercial Registers
| No: 42033072 | Date(g): 2/1/2021 | Date(h): 19/5/1442 | Status: In-Force |
Translated Document
Effective from 2021-01-02 - Jan 01 2021
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Referring to the request from banks for companies and entities whose commercial records have been canceled to retrieve those records in order to collect their financial entitlements, whether through cheques or other means. In continuation of the ongoing coordination between SAMA and the Ministry of Commerce, it is required that all banks do not demand that companies and entities retrieve canceled commercial records to receive their financial entitlements, with the following considerations:
| 1. | If the beneficiary is a company, the financial entitlement shall be handed over to the authorized representative of the partners, after verifying the names of the partners according to the latest incorporation document using the services provided by the WATHIQ portal. |
| 2. | If the beneficiary is an institution, the financial entitlement shall be handed over to its owner, after verifying their identity using the services provided by the WATHIQ portal. |