In reference to the Ministry of Commerce and Investment letter No. (23475) dated 05/05/1438 H, which refers to Ministerial Decision No. (22895) dated 03/05/1438 H, amending Ministerial Decision No. (817) dated 19/07/1417 H regarding the identification of certificates, documents, and papers issued and certified by the chambers of commerce and industry in the Kingdom. The decision included the removal of the requirement for an official stamp to authenticate certificates, documents, and papers issued by private sector establishments. Also, in referring to the letter of Ministry of Commerce and Investment No. (16266) dated 28/03/1438 H, which refers to the Royal Order No. (11154) dated 29/02/1437 H, approving the recommendations of the Economic and Development Affairs Council regarding the competitiveness of the Kingdom's investment environment, and the proposed recommendations to enhance competitiveness and facilitate the start of business activities, including the cancellation of the official stamp requirement for institutions and companies.

 It has been observed that some financing companies are requesting the official stamp of institutions and companies on the documents submitted during financing transactions without a regulatory requirement for this, which negatively impacts the competitiveness of the investment environment in the Kingdom.

Therefore, SAMA emphasizes to licensed financing companies not to request the official stamp of institutions and companies on the documents submitted during financing transactions, without compromising the requirements of the Know Your Customer principle.