Saudi Arabia

Saudi: SAMA lifts temporary precautionary measures

The Saudi Central Bank (SAMA) has announced updating regulations of the temporary precautionary procedures to protect bank clients from financial fraud.

SAMA informed banks in the Kingdom of the new procedures on April 7, 2022 upon assessments and follow-ups that had been made over the past few days.

The update included re-instating the minimum limit of daily transfers for bank clients to the previous limit, where the client can reduce this limit by contacting banks. The updates also allowed the possibility to open bank accounts online as per the organizational procedures. The updated regulations came into force on Tuesday.



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