Requiring banks to issue certificates of indebtedness and electronic disclaimer

The Central Bank of Saudi Arabia announced the controls for issuing and electronic verification of bank documents, including bank certificates, clearance and proof of indebtedness. This comes to raise the quality of services by facilitating financial transactions and saving time and effort. To obtain bank documents and certificates, and to give confidence in the authenticity of documents issued electronically.

He added that the controls set the conditions that banks must observe when issuing bank documents, in addition to obligating them to provide the electronic verification service for bank documents issued electronically or on paper, and to include references to the means through which electronic verification is carried out.

The Central pointed out that the controls included the minimum number of bank documents required to be issued electronically, which are considered the most in need by customers, such as bank certificates, proof of indebtedness, and disclaimer.

He stressed that banks are obligated to issue bank documents according to the specified periods and to set procedures and measures that ensure compliance with these controls, indicating that these controls will start working in next April. This comes in order to regulate the relationship between banks and customers, in light of the reluctance of some banks to issue these certificates under various claims.


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