The Saudi Central Bank (SAMA) announced on Tuesday it was updating the regulations of the temporary precautionary procedures to protect bank clients from financial fraud, reported the Saudi Press Agency (SPA).
Banks were informed of these procedures on April 7, upon assessments and follow ups that had been made in recent days.
The update included re-increasing the minimum limit of daily transfers for bank clients to the previous limit, where the client can reduce this limit through contacting banks.
The updates also allow the possibility to open bank accounts online in line with organizational procedures.
The new regulations go into effect on Tuesday.
SAMA urged bank clients to practice the highest degrees of caution against fraud operations and abstain from disclosing bank and personal data, such as passwords and PINs, to any individual or party, highlighting the importance of verifying the credibility of websites they deal with.
