Several rumors have been circulating around the country that the directive to banks and other financial institutions operating in the Kingdom will freeze bank accounts of Saudi expat workers whose financial transactions exceed the value of wages/ salaries for the professions that they occupy. However, the Saudi Financial authority clarified these rumors in a statement. To find out more, read the article below.
What Statement is given by the SAMA?
According to the sources, the Saudi Arabian Monetary Authority (SAMA) addressed the ongoing rumors and said,
Rumors have been circulating on social media in recent days that banks have been instructed by SAMA to freeze the accounts of expatriates whose bank balances or financial transactions exceed their income.
What Clarification is given by the SAMA?
The Saudi Arabian Monetary Authority (SAMA) denied the rumors about the freezing of bank accounts of expatriate workers whose financial transactions exceed their wages. They said,
No such instruction has been given to the banks, there is no truth in the news spread on social media.
Measures taken by the banks
The Saudi Arabian Monetary Authority (SAMA) stated that all banks and financial institutions will apply procedures with due diligence regarding bank accounts of all customers on an ongoing basis. They will adopt the necessary measures while following the procedures in line with the banking regulations and the relevant instructions.
— SAMA | مؤسسة النقد العربي السعودي (@SAMA_GOV) July 6, 2020
What did the Authority have to Say about Following the Rules?
The statement further added that, All Saudi banks have predetermined rules for account holders, which are followed. In this regard, banks deal with their account holders following the rules in the relevant cases.
Bank accounts of Saudi expats with excess balance and financial transactions will not be frozen. The rumors that were circulating in this regard were baseless. For more information, visit our website. Stay safe. Stay tuned.