The necessity of reviewing municipalities to obtain new licenses and renew expired ones for banking services in all regions of the Kingdom.
| No: 381000058270 | Date(g): 27/2/2017 | Date(h): 1/6/1438 |
Effective from 2017-02-27 - Feb 26 2017
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The central bank received two letters from the Minister of Municipal and Rural Affairs, No. 21650 dated 04/05/1438H and No. 23597 dated 17/05/1438H, urging banks operating in the Kingdom to coordinate with the relevant municipalities to obtain the necessary licenses and renew expired ones for banking services in all regions of the Kingdom.
Therefore, the central bank would like to emphasize that bank officials should direct their branches in all regions of the Kingdom to renew expired municipal licenses and obtain licenses for those that do not have any. Failure to comply with this may subject the bank to legal action, including the application of Article (3/1/2) of the Penalties and Sanctions Regulations for Municipal Violations issued by Cabinet Decision No. 218 dated 06/08/1422H, in addition to being a violation of central bank instructions.
To comply and act accordingly.