Banking

SAMA suspends freezing bank accounts on Iqama expiry for 30 days

The Saudi Arabian Monetary Authority (SAMA) announced a decision to suspend the freezing of customers’ 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 card

– Failure to meet the requirements of knowing your customer (KYC)

– Change account status to dormant as there are no banking transactions

SAMA directed the banks to take special consideration to renew the ATM cards (MADA) and credit cards by all available means.

The decision comes in response to regulating work by financial institutions “remotely” according to specific controls, and in line with the preventive measures issued by the Saudi government to combat the spread of the Coronavirus.

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