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Saudi lenders stop dealing with non-Saudis handling SME money transactions
- Saudi Arabia: Sunday, December 09 - 2012 at 04:52
Banks in Saudi Arabia have stopped dealing with foreigners handling financial transactions of private institutions, Arab News has reported, citing banking sources. Transactions, such as depositing cash and checks in the accounts of these institutions and transfer of funds, should be undertaken only by an authorised Saudi employee, the sources said. The decision comes after a crackdown by the Saudi Arabian Monetary Agency (SAMA), after discovering that some banks have breached this provision. "The instructions of SAMA emphasises the fact that the authorised person of a financial transaction of individual SMEs should be a Saudi citizen," said Talat Hafez, general secretary of Media and Banking Awareness Committee of Saudi Banks. "Transactions as such should be treated as the individual accounts that bans foreigners from managing them," he said.
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