Issuance of Clearance Letters
| No: 391000040273 | Date(g): 26/12/2017 | Date(h): 8/4/1439 |
Translated Document
Based on the powers vested to SAMA under the Saudi Arabian Monetary Authority Law issued by Royal Decree No. (23) dated 1377/5/23 H, and the Banking Control Law issued by Royal Decree No. (M/5) dated 1386/2/22H, and Ministerial Decision No. (3/2149) dated 14/10/1406 H.
In light of requests received by SAMA from various governmental and private entities regarding the possibility of verifying clearance letters to ensure the rights of all parties.
Therefore, banks must establish a mechanism to ensure the proper and legal issuance of clearance letters by printing them on official paper, including a reference number, contact numbers, and an email address through which the bank can be contacted to verify the authenticity of the clearance letter. SAMA also emphasizes the necessity of cooperating in this area with governmental and private entities.