Cancellation of the Requirement for the Official Stamp of Institutions and Companies on Documents and Papers Submitted in Dealings with Customers
| No: 42043529 | Date(g): 8/2/2021 | Date(h): 26/6/1442 | Status: In-Force |
Translated Document
Referring to the instructions issued by SAMA circular No. 41028325 dated 22/04/1441H, No. 391000031596 dated 18/03/1439H, No. 381000053456 dated 17/5/1438H, which includes the cancellation of the requirement for the official stamp of institutions and companies on documents and papers submitted in dealings with customers and emphasizing that.
Given the observed non-compliance by some banks with the aforementioned instructions, SAMA confirms that is sufficient to obtain the endorsement of the Chamber of Commerce alone, and not request the official stamp from institutions and companies on the documents and papers submitted in dealings with customers without compromising the requirements of the Know Your Customer (KYC) principle and due diligence procedures for customers, and to announce through available means.
For your information and action accordingly, and to notify all concerned departments and branches, and to provide SAMA with evidence of compliance with the content within a maximum period of five working days from its date via email (bankingpolicy@sama.gov.sa), noting that regulatory measures will be taken in case of non-compliance.