No Freezing of Bank Accounts On Iqama Expiry For a Period of 30 Days; SAMA

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SAMA Suspends Freezing Bank Accounts On Iqama Expiry For a Period of 30 Days

The SAMA (Saudi Arabian Monetary Authority) issued a decision to suspend the freezing of clients bank accounts for a period of 30 days with regards to specific cases.

SAMA explained that the decision applies to cases, including;

*The expiration of the customer’s Identity.

*Changing the account status to dormant as there are no banking transactions.

*Failure to meet the requirements of know your client (KYC).

SAMA (Saudi Arabian Monetary Authority) directed all the banks to take into a special consideration the facilitation of procedures for renewing the ATM cards (MADA) and credit cards by all available means.

The move comes in response to regulate the work by financial institutions “remotely” according to specific controls and in line with the preventive measures issued by the Saudi Arabia government to combat the spread of the Coronavirus (COVID-19).

Saudi Arabia on Sunday reported 119 new cases in the novel coronavirus (COVID-19), bringing the total number of infections in the Kingdom to 511.

However, the total number of recovery cases have also increased to 18 with the latest recovery of two infected people.

Source news https://sabq.org

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