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4. Procedures to be Put in Place by Financial Institutions if the Freezing Order is Lifted
No: 391000077627
Date(g): 25/3/2018 | Date(h): 9/7/1439
Status: Modified
Translated Document
4.1
In case a name is delisted by the Security Council sanctions committees, financial institutions are mandated to promptly and directly lift the freeze, without any prior notice, within hours. Subsequently, they must notify SAMA, as detailed in paragraph 4.2 below. No prior written notification of the non-lift from SAMA is required.
4.2
SAMA must be informed of the lifting of the freeze within five working days from the date of the freeze being lifted, providing it with information on the status of the funds, any measures taken, the nature and amount of the unfrozen funds and any other information relevant to the decisions. Financial institutions must ensure the accuracy of the information provided.
4.3
In case the Security Council authorize the partial release of funds and other frozen assets as identified in accordance with Security Council resolutions, SAMA will promptly notify the financial institutions under its supervision regarding this matter.
