EconomySaudi Arabia

SAMA Directs Banks, Money Exchanges to Work Remotely for 16 days

The Saudi Arabian Monetary Authority (SAMA) has directed all financial institutions including banks and money exchanges in the Kingdom to work remotely for a period of 16 days starting Monday (March 16) the Saudi Gazette reported.

The decision came as a precautionary measure to prevent the spread of the Coronavirus, and in the interest of the safety of employees and clients of financial institutions.

However, there will be an exemption for some critical departments and jobs in financial firms that necessitate the presence of employees.

SAMA also intersected all money transfers between banks through the express system shall be free of charge for all customers during this period.

According to SAMA, the following guidelines shall be complied with while doing the work remotely:

– Designate some branches of banks and financial firms to provide only necessary services that are not available online.

– Advertise about these branches through appropriate means and all necessary health and preventive precautions shall be taken.

– Educate customers, through various means, on carrying out their transactions by using electronic channels so as to ensure their safety.

– Monitor the performance of various electronic channels continuously, ensure their operational efficiency, and enhance the level of cyber monitoring of systems and the readiness of response teams.

– Monitor continuously ATMs, and ensure the availability of cash in them so as to achieve the targeted operation level.

– Empower customers through reliable means to increase the purchase limit through the point of sale.

– Activate all contact centers to receive customer requests and inquiries, and let the system of money transfers continues to be fast in their usual timings.

– The crisis management committee of banks and financial institutions shall continue to furnish SAMA with daily reports about the smooth flow of work, including whether they faced any difficulties or challenges in this regard.

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