The Central Bank received the letter from the esteemed Minister of Commerce and Investment, the Chairman of the Board of Directors of the National Competitiveness Center "Tayseer," No. 10201 dated 23/3/1441 AH, referring to the royal decree No. 13563 dated 28/2/1441 AH, which stipulates in the first clause to emphasize to all concerned government entities not to obligate private sector establishments to use an official seal and to suffice with the certification of the Chamber of Commerce and Industry unless there is a regulatory requirement mandating it. This is in continuation of the instructions issued by the Central Bank based on Circular No. 381000053456 dated 17/5/1438 AH, and Circular No. 381000056756 dated 25/5/1438 AH,  and Circular No. 391000031596 dated 18/3/1439 AH regarding the procedures for establishing companies and the cancelling the official seal requirement.

Accordingly, the Central Bank affirms that it does not require an official stamp from institutions and companies on documents and papers submitted when requesting transactions. It suffices to have the certification of the Chamber of Commerce and Industry, without compromising the requirements of the "Know Your Customer" principle and due diligence procedures for clients, this should be announced through the available means.

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