Reference is made to the letter from the Ministry of Commerce and Investment No. (23475) dated 05/05/1438H, which refers to Ministerial Decision No. (22895) dated 03/05/1438H amending Ministerial Decision No. (817) dated 19/07/1417H regarding the determination of certificates, documents, and papers issued and authenticated by the chambers of commerce and industry in the Kingdom. The decision included the non-mandatory nature of the official seal for certifying the certificates, documents, and papers issued by private sector establishments. Also, reference is made to the letter from the Ministry of Commerce and Investment No. (16266) dated 28/03/1438H, which refers to the Royal Decree No. (11154) dated 29/02/1437H, approving the recommendations of the Council on Economic Affairs and Development regarding the competitiveness of the investment environment in the Kingdom, and to the proposed recommendations to enhance competitiveness and facilitate the commencement of commercial activities, including the abolition of the official seal requirement for institutions and companies.

It has been observed that some banks and financial institutions are requesting the official seal of establishments and companies on documents and papers submitted during banking transactions without a regulatory requirement for this. This negatively impacts the competitiveness of the investment environment in the Kingdom."

The central bank hereby emphasizes to banks and financial institutions operating in the Kingdom not to require the official seal of institutions and companies on documents and papers submitted when opening bank accounts and during banking transactions, without compromising the "Know Your Customer" principle and due diligence procedures for customers.

For your information and to act accordingly from the date hereof.