Electronic Powers of Attorney
| No: 42009018 | Date(g): 5/10/2020 | Date(h): 18/2/1442 | Status: In-Force |
Translated Document
Attached are the instructions from SAMA communicated via email on 22/03/2020G regarding the acceptance of electronic powers of attorney, which are effective from the date of notification to you via email.
Referring to the instructions from SAMA communicated through Circular No. 18626/67 dated 24/03/1440H regarding the Launch of Electronic Powers of Attorney Service provided by the Ministry of Justice, which allows beneficiaries to issue the powers of attorney electronically without the need to visit notary offices or notaries, and that the issuance of paper deeds for the powers of attorney has been canceled, with their information stored electronically and made available for verification through the ministry's website. Additionally, the (Wathiq) service allows for the electronic verification of the powers of attorney in accordance with the Electronic Transactions Law issued by Royal Decree No. (M/18) dated 8/3/1428H and its implementing regulation.
Given the observed requests from some banks for paper powers of attorney from their customers, which does not align with the aforementioned instructions, SAMA confirms that all banks operating in the Kingdom must comply with the acceptance of electronic powers of attorney and verify them through reliable means.