2022 Q1 Report En · Page 6

 
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Saudi Central Bank Issues Governing Rules for Elec-
tronic Issuance and Authenticity Verification of Bank-
ing Documents 
The Saudi Central Bank (SAMA) has announced the issu-
ance 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 ob-
taining bank documents and certificates, and boost con-
fidence in the authenticity of documents issued electron-
ically. 
SAMA stated that the rules include the requirements that 
banks must observe before issuing bank documents. Ad-
ditionally, banks are required to provide E-document Ver-
ification service; a service to electronically verify the au-
thenticity of electronic and paper documents they issue. 
Moreover, the document must also state any available 
method to electronically verify its authenticity. 
SAMA 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. 
SAMA stressed that banks must comply with the pro-
cessing times specified under relevant instructions as 
well as set procedures and measures that ensure compli-
ance with these rules. In this regard, SAMA stated that 
the rules shall be effective starting from April 1st, 2022. 
Saudi Central Bank Organizes Numerous Awareness 
Raising Events On The Global Money Week (GMW) 
The Saudi Central Bank (SAMA) and the Communication 
and Financial Knowledge Center (CFKC) in the Ministry of 
Finance will be representing the Kingdom during their 
participation in the events and activities of this year's 
Global Money Week (GMW). The annual monetary aware-
ness event organized, by the International Network on Fi-
nancial Education (INFE) an Organization for Economic 
Co-operation and Development (OECD), will be held be-
tween 21-27 March 2022. 
This participation, encompassing many relevant financial 
sector entities, will deliver several introductory programs 
and events aiming to raise the level of financial aware-
ness and knowledge within the Saudi community to ena-
ble its members, especially children and youth, to make 
sound financial decisions. 
As part of its participation in the GMW, SAMA will host an 
event during which a group of school and university stu-
dents will have to offer a presentation about the Bank's 
works, pay a visit to the Currency Museum and attend an 
awareness-raising lecture dealing with several subjects 
related to the GMW. SAMA will also be launching an 
awareness campaign through its social media platforms 
with the aim of raising the level of financial awareness 
and knowledge among all segments of the Saudi society. 
Saudi Central Bank Announced Pos Terminals in the
Kingdom Exceeded One Million  
The Saudi Central Bank (SAMA) announced that the num-
ber of Point of Sale (PoS) terminals inside the Kingdom 
has exceeded the one million threshold. These terminals 
can be found at commercial sales outlets in more than 
180 cities and villages. 
SAMA attributed this achievement to the strategic plan 
which was implemented in coordination with the financial
sector during the past few years. Additionally, large in-
vestments were made to develop the payments infra-
structure