The Saudi Central Bank (SAMA) has announced the issuance of the governing rules for electronic issuance and authenticity verification of banking documents. This comes as part of its continuous efforts to improve the quality and effectiveness of electronic services provided to banking sector customers. The aim is to ensure easy financial transactions, save time and effort in obtaining bank documents and certificates, and boost confidence in the authenticity of electronically issued documents.
SAMA stated that the rules include the requirements banks must observe before issuing bank documents. Additionally, banks are required to provide an E-document Verification service, a service to electronically verify the authenticity of electronic and paper documents they issue. Moreover, the document must also state any available method to verify its authenticity electronically.
SAMA pointed out that the rules set out the minimum bank documents required to be issued electronically, most requested by customers, such as bank certificates, debt certificates, and no liability letters. SAMA stressed that banks must comply with the processing times specified under relevant instructions as well as set procedures and measures that ensure compliance with these rules. In this regard, SAMA stated that the rules should be effective starting from April 1st, 2022.
Please visit SAMA’s website (link) to view the governing rules for electronic issuance and authenticity verification of banking documents. Please visit SAMA’s website (link).