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SAMA Updates Regulations of Temporary Precautionary Procedures to Protect Bank Clients from Financial Fraud

A general view of Riyadh city, Saudi Arabia, February 20, 2022. (Reuters)
A general view of Riyadh city, Saudi Arabia, February 20, 2022. (Reuters)
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SAMA Updates Regulations of Temporary Precautionary Procedures to Protect Bank Clients from Financial Fraud

A general view of Riyadh city, Saudi Arabia, February 20, 2022. (Reuters)
A general view of Riyadh city, Saudi Arabia, February 20, 2022. (Reuters)

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.

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Saudi Arabia Affirms Unwavering Support for Global Humanitarian Efforts

The Saudi capital Riyadh. AFP file photo
The Saudi capital Riyadh. AFP file photo
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Saudi Arabia Affirms Unwavering Support for Global Humanitarian Efforts

The Saudi capital Riyadh. AFP file photo
The Saudi capital Riyadh. AFP file photo

The Kingdom of Saudi Arabia affirmed its unwavering commitment to support global humanitarian issues and its contributions to alleviating the suffering of those affected by wars and disasters.

In a statement delivered at the UN Economic and Social Council, the Kingdom of Saudi Arabia's permanent representative to the United Nations and international organizations in Geneva, Ambassador Abdulmohsen bin Khothaila, indicated that Saudi Arabia, despite global economic challenges, continues its generous approach as one of the largest donor countries in the humanitarian and development fields.

The ambassador explained that humanitarian crises have become exacerbated by the increase in armed conflicts and the decline in adherence to international humanitarian law, emphasizing that addressing the root causes of crises is crucial to alleviating human suffering.

He emphasized that Saudi Arabia's participation in the global initiative launched by the International Committee of the Red Cross (ICRC) to reaffirm commitment to international humanitarian law, along with its hosting of multiple peace talks between conflicting parties, reflects its strong belief in the importance of dialogue as a means to achieve lasting peace.

Regarding the Palestinian issue, bin Khothaila explained that Saudi Arabia strongly condemned the serious violations and war crimes committed by the Israeli occupation forces against the brotherly Palestinian people. He emphasized that preventing humanitarian aid from entering the Gaza Strip and using it as a tool of war constitutes a flagrant violation of international law. He reiterated Saudi Arabia's call for an immediate and sustainable ceasefire.

The ambassador noted that a peace conference, co-chaired with the French Republic, had been scheduled for June 2025 as part of Saudi Arabia’s efforts within the Global Coalition to advance the two-state solution. However, recent regional developments have led to its postponement.

He emphasized the importance of integrating relief and development in addressing crises, pointing to Saudi Arabia's integrated model through the King Salman Humanitarian Aid and Relief Center (KSrelief) and the Saudi Fund for Development (SFD).