SAMA issues governing rules for electronic issuance, authenticity verification of banking documents

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The Saudi Central Bank (SAMA) announced, in a statement today 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 customers of the banking sector. 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 documents issued electronically, according to the statement.

The central bank also 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. It noted that the rules shall be effective starting from April 1, 2022.

The rules include the requirements that banks must observe before issuing bank documents. additionally, banks are required to provide 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 electronically verify its authenticity, SAMA said.

SAMA also pointed out that the rules set out the minimum bank documents required to be issued electronically, which are the most requested by customers, such as bank certificates, debt certificates, and no liability letters.