1. Definitions
| No: 43023350 | Date(g): 21/10/2021 | Date(h): 15/3/1443 | Status: In-Force |
Translated Document
Effective from 2021-11-20 - Nov 19 2021
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The following words and phrases, wherever they appear in these instructions, shall have the meanings set forth below, unless the context requires otherwise:
Central Bank: The Saudi Central Bank.
Instructions: Instructions on timeframes for issuing clearance letters, account transfers, and debt transfers.
Financial Institutions: Banks and finance companies under the supervision and regulation of SAMA.
Banks: Banks licensed to conduct banking activities in accordance with the provisions of the Banking Control Law.
Customer: An individual benefiting from the products or services of financial institutions.
Account Transfer: The process of transferring a client's account balance from one bank to another, with the closure of the original account.