SAMA: No move to freeze expat accounts with transactions higher than their wages

SAMA stated that all banks and financial institutions will apply procedures with due diligence

  
Muslim pilgrims exchange money at a currency exchange centre outside the Grand Mosque in Mecca, November 13, 2010, during the annual haj pilgrimage.

Muslim pilgrims exchange money at a currency exchange centre outside the Grand Mosque in Mecca, November 13, 2010, during the annual haj pilgrimage.

REUTERS/Fahad Shadeed

RIYADH — The Saudi Arabian Monetary Authority (SAMA) on Monday that there is no truth in reports about the freezing of bank accounts of expatriate workers whose financial transactions exceed their wages.

The central bank clarified in a statement that there is no basis to rumors doing rounds on some media and websites that it has issued a directive to banks and other financial institutions operating in the Kingdom to freeze bank accounts of expatriate workers whose financial transactions exceed the value of wages for the professions that they occupy.

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 take the necessary measures in accordance with the procedures in line with the banking regulations and the relevant instructions.

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