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  • Responding to the Requests of the General Secretariat of the Committees for Resolution of Banking and Financial Disputes and Violations

    No: 42048729 Date(g): 24/2/2021 | Date(h): 13/7/1442Status: In-Force

    Translated Document

    Further to the instructions issued by the Saudi Central Bank's Circular No. (41/2307) dated 09/09/1439 H Including the affirmation of the importance of promptly responding to judicial authorities in cases filed before them and the commitment to replying to their requests within the specified statutory periods, as well as the commitment to receiving judicial judgments and decisions and working on their implementation as quickly as possible. Based on the tasks entrusted to the General Secretariat of the Committees for Banking and Financial Disputes and Violations according to the Rules of Procedure of the Banking Disputes Committee, the Appeal Committee for Banking Disputes and Violations, and the Rules of Procedure of the Committee for the Resolution of Financing Disputes and Violations, and the Appeal Committee for the Resolution of Financing Disputes and Violations, issued by Royal Order No. (713) dated 04/01/1438 H, which included the duty of the General Secretariat to prepare the cases.

    And as the preparation of lawsuits aims to ensure that the parties of the case have submitted their defenses and reply memorandums, including supporting documents for their defense, before the first session is held. This allows the court to study them and form its conviction, positively impacting the consideration of cases and contributing to reducing the duration of litigation by enabling judicial panels to issue their decisions in a short period of time.

    Accordingly, the Central Bank emphasizes to all banks and financing companies operating in the Kingdom the necessity to respond to requests from the General Secretariat for the preparation of claims and to adhere to the timeframes mentioned in the attached schedule. In the event of being unable to comply with the specified timeframes, an immediate response to the Secretariat is required to clarify the reason for the inability to meet the deadline, in addition to specifying the period within which the required information will be provided, which should not exceed 30 days from the date of the General Secretariat's request.

    For your information and action effective immediately. Please be aware that the central bank will take the necessary regulatory measures in case of non-compliance.

    • Annex

      The Type of Document Required

      The Specified Time

      Contracts and Agreements

      Ten business days from the date of the request

       which proves the tenant's trespass and negligence

      Ten working days from the date of the request

      Account Statements

      Ten working days from the date of the request.

      The evidence that demonstrates the tenant's benefit from the rented property

      Ten business days from the date of the request

      The document/proof that confirms the total loss of the rented vehicle

      Ten business days from the date of the request

      The records of increase for trust funds

      Ten business days from the date of the request

      The Authorized Signature Document for the Client

      Ten business days from the date of the request

      Call recording

      Ten business days from the date of the request

      visual representation

      Ten business days from the date of the request.

      Inventory Report

      Ten working days from the date of the request

      Journal Strip

      Ten business days from the date of the request

      Remittance documents

      Ten business days from the date of the request

      SWIFT messages

      Ten business days from the date of the request

      The documents verifying point of sale transactions

      Ten business days from the date of the request

      Cardholders' objections to transactions made on their credit cards

      Ten working days from the date of the request.

      Response from Credit Card Companies (Visa/Mastercard)

      Ten working days from the date of the request

      Proof of payment amounts to credit card companies

      Ten business days from the date of the request.

      What proves the customer's receipt of (the credit card / account statements / checkbook, etc.)

      Ten business days from the date of the request.

       Authorization Documents for Accounts

      Ten working days from the date of the request

      The document proving the representative's authority over the account

      Seven business days from the date of the order.

      A copy of the permanent order

      Ten working days from the date of the request

       Settlement

      Seven working days from the date of the request

      A copy of the check

      Seven business days from the date of the request

      Objection Form

      Seven business days from the date of the request

      A verdict issued in a previous lawsuit related to the subject of the current lawsuit

      Seven business days from the date of the request.

      Emails

      Seven business days from the date of the request

      The customer's acknowledgment on any subject

      Seven business days from the date of the request.

      What proves the request of the beneficiary parties to extend/confiscate the letters of guarantee

      Seven business days from the date of the request

      Approval of documents related to the letter of credit

      Seven business days from the date of the order

      The document that proves the payment of the Letter of Credit amounts to the beneficiary

      Seven business days from the date of the request

      The promissory note issued by the client

      Seven working days from the date of the request

      Sponsorship Documents

      Seven business days from the date of the request

      Mortgage documents

      Seven business days from the date of the request.

      Contact details for the customer's communication with the bank

       Five business days from the date of the request

      Identifying the disputed operations

      Ten business days from the date of the request

      The orders of seizure issued by the Saudi Central Bank

      Seven business days from the date of the request

      An agency contract authorizing the agent to plead

      Three business days from the date of the request.

      What proves the account status

      Seven working days from the date of the request.

      What proves the request to cancel the transfer (time and date)

      Seven business days from the date of the request.

      The Medical Questionnaire

      Seven working days from the date of the request

      The proof of the client concealing their health condition at the time of contracting

      Ten business days from the date of the request

      Different extracts from the bank systems

      Ten business days from the date of the request

      The assets challenged for forgery

      Fifteen working days from the date of the request