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Very Important Announcement
Subject: IBAN – INTERNATIONAL BANK ACCOUNT NUMBER

Implementation Guidelines: effective 1st September 2009

Dear Customer,

We have been notifying you about IBAN and its implementation plan from time to time.

SAMA has now mandated September 1, 2009 as the cut-off date for all Banks in KSA to be IBAN compliant. IBAN is International Bank Account Number. IBAN helps to uniquely identify the account holders across all the banks locally and worldwide. Existing bank account - savings, checking, overdraft etc. in the KSA, will be assigned with IBAN by all the Banks in the KSA. Effective 1st September 2009, any payment in Saudi Riyal will be done using IBAN only.

IBAN implementation guidelines:

We have taken steps to ensure smooth implementation of IBAN and to support you in that process.

Effective 1st September 2009, any payment instruction that you send to Samba, must contain the IBAN of the beneficiary. It covers any payment that you need to make through SARIE i.e. all your vendors, suppliers, payroll or any other payment in Saudi Riyal. You normally send us payment instructions through one of the following modes:

A. Through our corporate online banking platform – SambaAccess

  • By using File Upload option on SambaAccess.
  • By creating payment instructions for each transaction on SambaAccess.

B. Through manual instructions – by filling up our Funds Transfer Form or sending a letter signed by authorized signatories.

If you are a customer using SambaAccess for effecting payments by using File Upload Option, please note the following:

  • In our database, we have stored all your past payment instructions, including your payroll or salary payments based on the availability of data from local banks.
  • The beneficiary’s account number, whether it is an account holder of Samba or any other Bank in the Kingdom, we have managed to fetch the IBAN of the beneficiaries for your company based on the availability of data from local banks.
  • Starting 17th August 2009, a CD (soft copy) containing the list of payroll employees you have used to make payments in the past 3 months will be generated and couriered to your company’s address registered in our records.
  • Starting 22nd August 2009, based on the available data a CD (soft copy) containing the list of beneficiaries (excluding the payroll employees as referred above) you have used to make payments, with their existing account numbers and IBANs will be generated and couriered to your company’s address registered in our records.
  • You shall ensure proper due diligence and verification at your end and update your internal database of beneficiaries (vendors, employees, other parties to whom you make payments) with their IBANs.
  • Should you need any clarification or support please talk to our Sambaphone Corporate Banking Service Representative on the toll free number:800-123-6000.
  • For payroll payments, if your are sending your Payroll through Samba Access/CD or diskette. You should incorporate the IBAN’s of all your employees based on the above.

If you are a customer using SambaAccess for effecting payments by creating payment instruction for each individual transaction on SambaAccess, please note the following:

  • For any beneficiary that you need to make a payment, you must have the IBAN prior to creating the payment instruction on the screen.
  • For single payments and pre-defined beneficiaries’, SambaAccess will convert non-IBAN accounts format to IBAN based on the availability of data from local banks.
  • If you are making a payment to the beneficiary for the first time, then certainly, you would need to have the IBAN number of such beneficiary.

If you are a customer sending payment instructions – MANUALLY – either through a letter or filling the Funds Transfer form, please note the following:

We advise you strongly to start using our easy to use - online banking platform – SambaAccess to make all your payments efficiently and stop sending payment instructions through paper.

In your payment instructions, the beneficiary’s account number must be written in IBAN format.

Hence, we request you to make necessary arrangements to insist on the concerned beneficiary to provide you with a valid IBAN and update your records/database accordingly.

For more details on IBAN please log onto our website: www.samba.com . You can download the IBAN brochure which contains more details on IBAN. Should you need any further details on IBAN and its implementation, you can also get in touch with us through Sambaphone Corporate Banking Service toll free number: 800-123-6000

Yours truly,

Customer Service Centre Team

Corporate Banking Group