SAMA: No Move To Freeze Expat Accounts With Transactions Higher Than Their Wages
The Saudi Arabian Monetary Authority (SAMA) in Saudi Arabia revealed that there is no truth in reports about freezing the bank accounts of expat workers who financial transactions exceeds their salaries.
The SAMA stated that there is no basis to rumors doing rounds on some social media networks that it has issued a directive to banks and other financial institutions operating in Saudi Arabia to freeze bank accounts of expats whose income in the bank exceed their salaries for the registered professions.
- SAMA said all banks and financial institutions will apply procedures with due diligence regarding bank accounts of all customers on an ongoing basis.
- They will take necessary as per the procedures in line with the banking regulations and the relevant instructions.