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Procedures for Depositing Salary Payments

No: 41043218 Date(g): 16/2/2020 | Date(h): 22/6/1441 Status: In-Force

Effective from 2020-02-16 - Feb 15 2020
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Based on the supervisory and regulatory role of the central bank, and to improve practices related to salary deposit operations from various entities to different beneficiaries, it has been noted recently that some banks have been delaying salary deposits.

Therefore, the central bank confirms its commitment to the relevant instructions and procedures, in addition to the following:

  1. The work on executing the processes of depositing salary collections immediately after completing the data from the relevant entities.
  2. Providing qualified human resources and the necessary technical resources to ensure the safety of salary deposit and transfer operations, with an aim to enhance the readiness of system performance monitoring both technically and operationally during the salary transfer and deposit processes. This includes taking the necessary measures and developing effective alternative plans for salary deposits without delay in the event of any technical issues.
  3. Establishing an appropriate mechanism for the internal escalation of issues that prevent or delay the process of salary deposit and transfer, and immediately informing the Financial Sector IT Risk Supervision Management about the nature of the issue and the actions taken to address it.
  4. Conduct the necessary assessments for any changes or operations on the systems and ensure that they do not affect the bank's systems during the payroll deposit and transfer period. In the event of any disruption in the deposit process, the bank must send an electronic message (TSM) via the "SARIE" system to the central bank, specifying the expected deposit time and stating the reasons for the delay, so that the central bank can prepare the necessary reports for the relevant authorities.