Posted by : Aahil Shaik Monday, March 16, 2020

SAMA calls Banks to Work Remotely for 16 Days and Make Express Transfers free of Charge during this period

The Saudi Arabian Monetary Authority (SAMA) has ordered all the banks and financial systems to work remotely for 16 days starting from 16th March 2020, with an exemption to some critical sections and jobs in financial companies that necessiate the presence of employees.

The central bank in Saudi Arabia has instructed all money transfers between local banks through express system shall be free of charge for all customers during this 16 days period.

The SAMA issued some guidelines to follow while doing the work remotely :

1. Designate some branches of banks to provide necessary services which are not available online.

2. Advertise about those branches through appropriate means and all necessary precautions would be taken.

3. Educate customers, With various sources about using digital or electronic channels to ensure their safety.

4. Monitor and track the performance of various digital channels continuously, ensure the operational efficiency, enhance level of cyber monitoring systems and readiness of response teams.

5. Monitor ATMs continuously, ensure the availability of cash in them.

6. Empower customer to increase the purchase limit through Point Of Sale.

7. Activate all contact centers to receive customers requests, inquiries and let the system of money transfer continues to be fast in usual timings.

8. The crisis management committee of banks and financial institutions shall continue to furnish SAMA with daily reports.

SAMA calls Banks to work remotely, Make Transfers free of Charge

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