Cancellation of the Requirement for the Official Stamp of Institutions and Companies on Documents and Papers Submitted in Dealings with Customers
No: 41028325 | Date(g): 19/12/2019 | Date(h): 22/4/1441 |
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Translated Document
SAMA received the letter from His Excellency the Minister of Commerce and Investment, the Chairman of the Board of Directors of the National Competitiveness Center "Tayseer," No. 10201 dated 23/3/1441 H, referring to the Royal Order No. 13563 dated 28/2/1441 H, which stipulates in the first clause to emphasize to all concerned government entities not to obligate private sector establishments to use an official stamp and only ratify the Chamber of Commerce and Industry unless there is a regulatory requirement mandating it. Further to SAMA's instructions pursuant to Circular No. 381000053456 dated 17/5/1438 H, and Circular No. 381000056756 dated 25/5/1438 H, and Circular No. 391000031596 dated 18/3/1439 H regarding the requirements for establishment of institutions and companies and the cancellation of the requirement for the official stamp.
Accordingly, SAMA affirms that it does not require an official stamp from institutions and companies on documents and papers submitted when requesting transactions, and it's sufficient to ratify the Chamber of Commerce and Industry without compromising the requirements of the "Know Your Customer" principle and due diligence procedures for customers, and to announce this through the available means.