RIYADH, 31 January 2003 — Account holders have been given another three months to update their personal information with their banks, the Saudi Arabian Monetary Agency (SAMA) announced on Monday. Failure to update the information will result in the account being frozen under new SAMA regulations.
A SAMA circular moved the deadline from Dec. 31, 2003 to March 31, 2004.
Bankers said they were disappointed how few account holders complied with the new rule so far and welcomed the extension of the deadline.
Banks were unable to provide statistics but estimated that only 50 to 60 percent of customers have so far updated their personal information, despite the fact that the procedure only takes a few minutes.
SAMA has asked banks to collect copies of attested identity cards, residence permits (iqamas) and passports.
“Those who do not comply with the directive will face problems,” said Fahd Abdullah Al-Rajhi of Al-Rajhi Banking and Investment Corporation (ARABIC).
