RIYADH: The Saudi Central Bank, SAMA, directed banks to halt the option of opening online accounts for individuals or institutions as part of new security measures.
Under the new measures that will take effect starting April 10, accounts are to be opened through branches only, local banks like Al Rajhi Bank announced.
Other measures include limits on daily electronic transfers and holding the international transfers for 24 hours.
SAMA also asked banks to stop allowing non-Saudi customers to add beneficiaries online and instead do it in-person, according to a circular seen by Arab News.