People are saying on social media that Saudi Arabian Monetary Authority (SAMA) has asked banks operating in Saudi Arabia to freeze expatriate accounts of the following two categories;
- Expats whose bank transactions exceed their wages registered with GOSI.
- Expats whose bank transactions do not correlate with their Iqama profession.
طلب مؤسسة النقد من البنوك العاملة في السعودية تجميد حسابات العمالة الوافدة التي تتجاوز معاملاتها المالية قيمة الأجور السائدة للمهن التي يشغلونها بالدولة
ما الآثار المترتبة؟
ضربة قوية ل #التستر_التجاري
رحيل عدد كبير من العمالة المرتبطة بالتجارة
زيادة في التحويلات غير النظامية
— د.سعود المطيرالبهلال (@saud_almutair) July 5, 2020
The Saudi Arabian Monetary Authority (SAMA) has clarified that there is no truth in reports about the freezing of bank accounts of expatriate workers whose financial transactions exceed their wages.
SAMA stated that all banks operating in Saudi Arabia are complying with the procedure set by the Saudi Arabian Monetary Authority and they will continue to do so.
In case a non-compliance is detected there, the case will be dealt with according to the procedures already set by SAMA.
— SAMA | مؤسسة النقد العربي السعودي (@SAMA_GOV) July 6, 2020
Is there anything to worry about?
If your banking transactions are for legitimate reasons, there is nothing to worry about even if they exceed your monthly salary or mismatch with your Iqama profession.
However, if you are running a business without registration and receiving funds in your bank account, the authorities will take an action sooner or later.