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.
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
Effective from 2018-03-25 - Mar 24 2018 To view other versions open the versions tab on the right
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.
