Customers with accounts in Saudi Arabia: upcoming regulatory requirement for WPS payments
Last updated: 11 May 2017
In compliance with local regulatory requirements in Saudi Arabia for Wages Protection System (WPS) transactions, your Salary/Payroll payments (WPS ACH Credit - type S and B) submitted on-screen in HSBCnet and via the File Upload service must contain a Net Salary value which equals the sum of Basic Salary, Housing Allowance and Other Allowance minus Deductions.
Type S and Type B WPS payments that do not meet the above requirement will be rejected as of 1 July 2017.
Customers submitting WPS payments via File Upload
The following table outlines the requirements for your ACH WPS salary payments. Please update your files accordingly by 1 July 2017:
WPS Salary type
|
Validation |
S (Salary) |
Net Salary = Basic Salary + Housing Allowance + Other Earnings – Deductions |
B (Bonus) |
Net Salary = Basic Salary + Housing Allowance + Other Earnings – Deductions (Basic Salary can be equal-to or greater-than zero) |
Customers submitting WPS payments on HSBCnet screens
If you submit WPS payments via ACH Credit screens on HSBCnet, please review your payment instructions to make sure that type S and B transactions are compliant by 1 July 2017.
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For any queries regarding this regulatory requirement, or assistance with your WPS payment files in Saudi Arabia, please contact your local HSBCnet Support Centre.
The postal address for related inquiries is:
HSBC - E-Channels
8 Canada Square
London UK E14 5HQ
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