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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

Translated Document

Effective from 2021-02-08 - Feb 07 2021
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Referring to the instructions issued by SAMA circular No. 41028325 dated 22/04/1441H, No. 391000031596 and the date 18/03/1439H, No. 381000053456 and date 17/5/1438H, The inclusion of canceling the requirement for the official stamp of institutions and companies on documents and papers submitted in transactions with clients and emphasizing that.

Given the observed non-compliance by some banks with the aforementioned instructions, SAMA reiterates the necessity of accepting the endorsement of the Chamber of Commerce alone, and not requiring the official stamp from institutions and companies on the documents and papers submitted in dealings with clients. This is to be done without compromising the requirements of the Know Your Customer (KYC) principle and the due diligence procedures for clients. This directive should be announced through available means.

For your information and action accordingly, and to notify all relevant departments and branches, and to provide SAMA with confirmation of compliance with the content within a maximum period of five working days from the date hereof via email (bankingpolicy@sama.gov.sa). Please note that regulatory actions will be taken in case of non-compliance.