Rules for Bank Accounts

Bank accounts to invest the funds of persons subject to the law of the General Commission for the Custody of Trust Funds for Minors and Their Counterparts (Wilayah). Appendix (B) Legal entities in the public sector 81 Appendix (C) Explanation of the ten-digit combination.

Non-Saudi natural persons

National Identity Card: An account opened with an identity card is frozen after (90) days from the expiry date and may not be reactivated except after renewal. Children's Birth Certificate in Special Circumstances: The account must be frozen when the minor reaches (15) Hijri years and can be reactivated when he/she is issued a valid ID card or receives a letter from the Ministry of Human Rights. Resources and social development require that the account be continued until the minor attains (18) Hijri years.

Juristic persons

Family registry for minors: An account opened for a minor in the family registry is frozen after five years from the date of opening the account or five years from the last update of the account. Monitor the validity of the identity cards of the directors and authorized signatories of the corporate accounts and freeze and suspend their authority to manage the account, depending on whether they are Saudi or non-Saudi, pending the renewal of the identity cards.

General instructions for freezing of bank accounts

Freezing exceptions

Updating Account Data

Updating the customer’s ID

Identification cards and documents valid for less than five years will be updated upon expiry, such as trade register or licence. Identification cards and documents valid for more than five years will be updated every 5 years or upon expiry, whichever comes first.

Updating customer information

Accounts opened under official approvals or letters, such as accounts of government entities, embassies and the like and international organizations and the like, or under open-term licenses and registrations, such as accounts of private associations, foundations and schools, must be updated each time. 5 years maximum. Banks will check and document the validity of the identification documents using documents, data or information obtained from reliable and independent sources.

Inoperative Accounts

Transactions subject to this Rule

Automatically renewed investment deposits if owners do not visit the bank after the end of the agreed period and cannot be reached by the bank. Stocks, bonds and deeds of properties pledged against bank facilities that are fully paid by their owners, but they do not contact the bank to regain their ownership.

Durations, periods and requirements for dealing with inoperative accounts

• Active accounts
• Dormant accounts

Lockers rented by banks to customers with contracts that have not been renewed from the date of the customer's last visit, and banks were unable to reach the owners by using direct contact or other methods of contact or by checking the other accounts of the customer. customer check and information in the bank. Unpaid amounts and profits due to clients on their investments in various types of investment funds that are managed or were managed or held by the bank for clients whose investment term has expired and their owners have not received the amounts due because they do not visit the bank to receive such amounts and winnings, they do not have active accounts into which the bank can deposit such amounts and winnings, or they cannot be reached by the bank after written notification.

Requirements for dealing with dormant accounts

Unclaimed accounts

Accounts are considered dormant after (24) calendar months from the date of the last recorded debit transaction executed by a customer or his/her nominee or the last reliable and documented correspondence.

Requirements for dealing with unclaimed accounts

Abandoned accounts

Accounts will be considered abandoned after completion of the periods specified in this paragraph from the date on which the accounts are classified as unclaimed, and the banks become unable to reach the customer after monitoring the account movements and his/her other transactions with the observed bank and used all methods. of contact according to the communication policies and procedures provided in the Rules. Unclaimed for a period of ten years (total of 15 years from the last transaction) for current accounts, savings accounts, investment deposits, balances of deceased persons and credit amounts in credit cards.

Requirements for dealing with abandoned accounts

General requirements

Copies of documents and records of all amounts and charges must be kept for the statutory period of record. Personal and financial data shall be maintained by the bank in electronic records as per the technical specifications laid down by SAMA for easy future reference.

Communication policy and procedures for inoperative account holders

• The communication policy and procedures shall be implemented in

Accounts will be checked and classified and the procedures set out in the Rules thereon will be followed according to the periods specified for each. The role of the compliance department will be supervisory in all phases and periods stated to ensure that the requirements of such accounts are met.

• Methods of contact
• Bank communication unit
• Stages and steps of implementing communication policy and procedures for inoperative account holders
• Internal audit control and reports
• Annual statistical reports required by SAMA
• Application of KYC Principle and AML/CFT Requirements
• Curators, Legal Agents, Custodians and Authorized Persons (Natural or Juristic)
• On-Going Monitoring of Accounts and Transactions
• Training as a Key Principle for these Rules
• Disclosure of and Enforcement on Bank Accounts, Balances and Relationships
• Disclosure of bank balances, accounts and relationships
• Freezing in the event of death, bankruptcy or loss of legal competence
• Providing Services to Customers with Disabilities and Giving them Priority

In the event that disclosure of balances, accounts and relationships of an individual is requested, disclosure is limited to the name of the company and percentage of ownership. Mandatory withholding is enforced by an order from SAMA to the bank at the request of the authorized entities.

Procedural Rules

• Documents Required to Open a Bank Account are as Follows
• Rules for Remote Opening of Bank Accounts for Natural Persons
• Rules for Remote Opening of Bank Accounts for Sole Proprietorships
• Rules for Remote Opening of Bank Accounts for Resident Corporations
• Rules for Remote Opening of Bank Accounts for Foreign Companies According to the Foreign Investment Law
• Account Information Card
• Opening an Account Without Making a Deposit
• Blind and Illiterate Customer Service and Dealing
• Foreign Currency Accounts

The bank is responsible for verifying the identity of the company and its owner using documents, data or information obtained from a reliable and independent source. The bank is responsible for verifying the identity of the company using documents, data or information obtained from a reliable and independent source.

11 . Multiple Bank Accounts

• Presence of Customer
• Visiting the Customers in Exceptional Cases
• Transfer and Check Services
• Outgoing transfers and sold checks
• Incoming transfers and purchased checks
• Time Period for Opening the Bank Accounts

If the transfer is from outside Saudi Arabia to the beneficiary's personal name, the money will only be paid through a bank account. Banks open bank accounts for individuals and legal entities that do not require approval from the relevant departments of the bank within one business day if they meet all banking requirements and within two business days for those requiring approval.

200. Rules for Opening Accounts for Natural Persons 200.1 Natural persons residing in Saudi Arabia

If the transfer or check is from a local bank to another local bank, the payment must be made from the transferor's account to the recipient's account.

200.1.1 Saudi natural persons

Withdrawals from the account may only be made in the presence of the customer in person at one of the bank's branches. The account is valid for one year from the date of the court order.

200.1.2 GCC natural persons

The court order must be used as an ID to open the account or maintain its use. The authorized signatory for the account must be the beneficiary or as specified in the court order.

200.1.3 Expatriates in Saudi Arabia

The bank account will be valid for a period identical to the validity period of the account holder's Ikame or Ajeer notice, whichever expires first. The account will be valid for a period identical to the period of validity of the visa.

200.1.4 Tribe members: Displaced tribes/Ar Rub' al-Khali tribes

The female expatriate working in Saudi Arabia and her legal companion, provided that the legal companion's iqama or any other official document states that he is the legal companion of the female expatriate. The customer's personal data will be verified using documents, data or information obtained from a reliable and independent source.

200.1.5 The Beluchis and Turkistanians

The permanent payment is made once a month, and the amount is determined by the bank based on the customer's risk assessment. If the client does not work and his/her Iqama does not have an employer, he/she must submit a letter from the mayor of the area (district, governor or city) where he/she lives, duly attested by the police station of the area of ​​such mayor.

200.1.6 Expatriate stewards and stewardesses of the national airlines, expatriate ship crews and the like

Before opening a new account, updating an existing account or performing any other banking transaction, the bank will require the customer to identify his/her address in Saudi Arabia and submit a letter of employment. Such a letter must be certified by the Chamber of Commerce or the official organization where the client is employed under its supervision.

The bank should not require such customers to produce the original passport or a copy thereof. In addition, the addresses mentioned in such a letter should be clear enough to allow easy access to him/her when needed.

200.1.8 Credit cards for non-resident foreigners employed by resident Saudi companies

All persons to whom credit or debit cards are to be issued must be employed by the Saudi company and documents proving this must be obtained. Trading under this system must be based on a formal agreement concluded between the bank and the company prior to the issuance of such cards.

200.1.9 Opening bank accounts to raise blood money to be paid for reconciliation in murder cases

Only one bank account is opened for each case where blood money is collected (diyah). The account will be closed once the amount of the blood money has been collected in full.

200.2 Natural persons outside Saudi Arabia

The account can be operated for another year with a letter from SAMA at the request of the Emirate of the concerned region. If the blood money amount is fully collected, the Emirate of the concerned region must request a banker's check and deliver it to the beneficiary through the court.

200.2.1 Saudi citizens residing outside Saudi Arabia

The account is valid for a maximum of one year from the date of opening the account. As for anonymous deposits, the emirate of the region concerned will submit the matter to the Mufti to issue a formal legal opinion (Fatwa) on how such funds should be handled. The bank must comply with this requirement after receiving the direction from the emirate of the region concerned, which is delivered to the bank by authorized persons.).

200.2.2 GCC nationals not residing in Saudi Arabia

Such documents are obtained directly from the employees of the local bank or the GCC correspondent bank in the GCC country where the person resides. GCC Bank authenticates all documents obtained and all transactions of deposits, withdrawals and transfers are carried out through a correspondent bank.

300. Rules for Opening Bank Accounts for Juristic Persons

Receiving such documents and executing deposit, withdrawal and transfer transactions are also possible through a correspondent bank in the GCC country where the GCC citizen resides. In this case, Rule (200.1.2) is applied to that customer and his/her account status is changed.

300.1 Resident juristic persons (including embassies and multilateral organizations)

No check book, ATM card or credit card may be given to such individual unless he/she comes to Saudi Arabia and submits sufficient data to the bank proving his/her stay in Saudi Arabia. The bank will not open an account in Saudi Riyal or in any foreign currencies, or any other account, for non-Saudi and non-GCC natural persons not residing in Saudi Arabia, unless written approval of the Ministry of Home Affairs or the Ministry of Foreign Affairs is received by SAMA.

300.1.1 Licensed businesses and shops

A copy of a valid waqf registration certificate issued by the General Authority of Awkaf, including at least the following: Name of the waqf, number and date of the waqf deed, and the names of the trustees and their ID numbers ( for endowments); or a copy of the license issued by the Ministry of Human Resources and Social Development, a copy of the decision of the board of directors of the company/foundation (minutes of the meeting) approving the establishment of the business, entity or shop and approval. for the authorized signatories of the account (for private companies/foundations or cooperative associations). Copies of ID cards of the administrators whose names are listed in the waqf registration certificate (for donations).

300.1.1.1 Special-purpose entities

300.1.1.2 Foreign schools

The account will be valid for a period identical to the period of validity of the school license and the deadline set for the school board according to the decision of its formation approved by the Ministry of Education. Withdrawal from these accounts will be double checked and in case of check withdrawal, the check is payable to the first beneficiary.

300.1.1.3 E-commerce businesses with no official premises

Obtaining a copy of the decision on the formation of the school council, approved by the Ministry of Education, and copies of the iqamas of the members. The signatories shall be the principal of the school and its financial officer (who shall be employed by the same school), or one of them and a member of the school board, provided that such member is not a graduate or employee of embassy.

300.1.1.4 Freelance job permit holder

Such member may be from outside this school as an exemption from Paragraph (3) of Rule (4) of Chapter IV on the General Rules for the Operation of Bank Accounts, regarding controls for the authorization of non-Saudis.

300.1.2 Licensed money changers

The invoice is valid for a period equal to the validity period of the permit issued by SAMA. Copies of identity cards of persons authorized to manage and operate accounts must be obtained.

300.1.3 Resident companies

The bank will verify that the information contained in the trade register or in the license issued by SAMA matches the information contained in the owner's ID card. These types of accounts will be classified as high risk if the ownership of donations, private associations/foundations or cooperative associations exceeds 50% of the company's capital.

300.1.3.1 Joint-stock companies

300.1.3.2 Limited liability companies

300.1.3.3 General partnerships

300.1.3.4 Limited partnerships

300.1.3.6 Escrow account for real estate development–off-plan unit sale and rental project

The name of the account is "Deposit and Withdrawal of the Funds of (Payment Company Name)'s Clients". The name of the account is “Managing the financial value of (name of debt-based crowdfunding company).

300.1.4 Residents investing under Foreign Investment Law

300.1.4.1 Joint-venture entities owned by a Saudi investor and a foreign investor

300.1.4.2 Entities wholly owned by a foreign investor

A copy of the commercial register or professional license and founding agreement of the entity in the home country, certified by the Saudi Embassy. A copy of the commercial register or professional license and the memorandum of incorporation of the legal foreign partner in the home country, certified by the Saudi embassy.

300.1.5 Rules for non-profit sector, Hajj and Umrah entities, and public entities

A copy of the business register, provided that the name of the business activity in the business register is the same as that stated in the permit, and that the name of the trader and his identification number listed in the business register correspond to his/her ID. A copy of the passport may be sufficient if the Iqama is submitted within (90) days of account opening.

300.1.5.1 Hajj, Umrah and visiting the Prophet’s Mosque in Madinah

• Bank accounts shall be opened in Saudi riyal only
• The Hajj organizer shall present to the bank a letter from the Ministry of Hajj and Umrah approving opening a bank account for the pilgrim affairs office and
• The bank shall conclude an account opening agreement with the authorized signatories specified in the letter of the Ministry of Hajj and Umrah, addressed
• The account signatories shall determine, in Saudi riyal, the approximate total amount that their respective office will transfer for Hajj purposes
• Upon meeting the above requirements by the bank, the bank’s compliance department shall submit an application to SAMA along with all necessary
• The bank shall ensure that such accounts are subject to dual control
• The bank shall provide the pilgrim affairs office and the Ministry of Hajj and Umrah with the IBAN number of the office’s bank account
• If the requirements for opening a bank account are not met, the bank branch manager must inform the applicant of the necessary requirements for
• If the requirements for opening a bank account are met, the documents shall be submitted on the same day to the compliance department at the bank’s
• The pilgrim affairs office may open multiple accounts, provided that these accounts are opened in the same bank only. The office may not open other

The bank must provide the pilgrim office and the Ministry of Hajj and Umrah with the IBAN number of the office's bank account. Such a request must appear in the agreement on opening a bank account, which is signed by the office.

• The account shall be operated under a new approval letter from the Ministry of Hajj and Umrah to the bank on the account operation. The letter should
• Deposits shall be made in the account of the Hajj organizer via remittances from a bank in the organizer’s home country. The remittance shall include the
• Deposits may be made in the account via checks under collection, drawn by the organizer itself on a bank in the organizer’s home country only
• Remittances, checks or cash deposits from entities inside Saudi Arabia shall not be accepted, except in the following cases
• The Hajj organizer may withdraw from the account by checks for the parties included in the list submitted previously to the Ministry of Hajj and Umrah by
• The organizer may pay authorized signatories by checks for petty expenses
• The approval of the bank’s compliance department is required for the operation of the organizer’s account
• The organizer shall not use its account balances for investments

The organizer can also transfer funds via the electronic portal of the Ministry of Hajj and Umrah. Such a request must be stated in the contract on opening a bank account, which is signed by the organizer.

300.1.5.2 Private associations

Approval of the MHRSD for the Saudi persons authorized to manage the bank account of the association (with joint signature). The expense sub-account of the branch is considered a subordinate account under the main account of the association.

300.1.5.3 Private foundations

The branch's expense sub-account is considered a subordinate account under the private fund's main account. Furthermore, approval must be sought from the head of the compliance department to open the account.

300.1.5.5 Bank accounts for collection of shoppers' donations of remaining halalas (change) in favor of charities

In addition, the period of validity of the invoice must be specified; after this period the account is closed. This account includes sub-accounts; each of which is designated for one charity with which the trading company has contracted.

300.1.5.6 Cooperative associations and funds

Allocation of a separate bank account under the name of the business enterprise with a "halal remainder" clause to hold the amounts contributed by the buyers.

Obtaining a copy of the decision on the establishment of the board of directors of the entity issued, approved or confirmed by the MHRSD. Obtaining a copy of the decision on permission or consent for the foundation of the fund issued by the competent minister, director general or head of the sector.

300.1.5.7 Homeowners’ associations/housing societies licensed by the Real Estate General Authority

Bequests

The bank will receive a copy (or a certified copy) of the guardianship deed, which provides for the bequests.

300.1.5.9 Cultural, sports and social clubs and youth hostels

A copy of the decision on the establishment of the board of directors of the club issued by the Council of Ministers. A copy of the authority of the board of directors authorizing certain persons to open and manage the account.

300.1.5.10 Public corporations and public sector institutions

Letter of authorization from the board of directors, allowing certain persons to open and operate the account under a joint signature. Payment from the main account will be made only for the purposes for which the account was created.

300.1.5.11 Chambers of commerce and industry

300.1.5.12 Building, renovating or expanding small and large mosques

The account will be personally operated by the manager of MoIA branch in the relevant region (main signatory) with one or both of the committee members indicated above. The bank will obtain copies of the IDs of committee members authorized to sign for the account.

300.1.5.13 National societies and committees

The account is called "Ministry of Islamic Affairs, Dawah and Guidance Branch in.. Construction, Renovation or Expansion) (Name of Mosque)". If the funds in the account are from the state budget, at the request of the Ministry of Finance, the consent of the Ministry of Finance is communicated to the bank through SAMA.

300.1.5.14 Trial and enforcement courts

300.1.5.15 Property conveyancing processes

Debits from the account are made only by checks payable to the first beneficiary. The purpose of the check and the payee ID number are listed on the check.

300.1.5.16 Civil rights–personal debt settlement account

Bank transfers related to the electronic transfer of title, whether made to the direct debit accounts opened under the name (Trade Transfer) or to the accounts of beneficiaries, will be made using electronic banking services. Each month, or upon request, the bank will send a detailed account statement free of charge to the appropriate civil rights department.

300.1.5.17 Scientific societies

The compliance officer at the bank will ensure that all the above requirements are met and documents are verified.

300.1.5.18 Professional associations

Acceptance of deposits must take place as determined by the association's articles of association (or financial regulations). For example, payments for payment of fees for consultancy services or for participation in external symposia, conferences and the like can be made after the bank has obtained official approval from the competent authority.

300.1.6.1 Embassies, consulates, and their educational institutions and employees

The bank will receive copies of the identity cards of the members of the board of directors and those authorized to manage and operate the account. 300.1.6 Rules for foreign embassies, consulates, diplomats, airlines, multilateral organizations and organizations of their employees and their employees.

300.1.6.2 Resident diplomats

Such diplomats must submit copies of their diplomatic cards, issued by the Ministry of Foreign Affairs, and copies of their diplomatic passports to the bank for verification. The letter will specify the name of the embassy, ​​the name of the diplomat and his/her ID information.

300.1.6.3 Diplomats on temporary visit

The bank can also open accounts for diplomats whose embassies in Saudi Arabia are still being established after receiving a letter from the Ministry of Foreign Affairs.

300.1.6.4 Foreign airlines and their employees

Main account

The bank must obtain a copy of the MWL Saudi Arabia headquarters agreement and the attached protocol. Cash deposits to MWL's main account and sub-accounts from MWL's official staff can be accepted.

Sub-accounts for MWL branches and its various activities

82 . control etc.) made outside Saudi Arabia shall be only for the purpose of administering MWL or implementing its programs or projects. MWL may open accounts to invest its surplus funds in activities that have financial returns to help achieve its goals.

Sub-accounts for the branches of the institution or organization and their various activities

• A letter from the entity’s Chairman or the Vice Chairman to the bank to open the sub-account specifying the purpose and persons
• A copy of the official approval from the competent authority in Saudi Arabia to open a branch of the entity or practice sub-activity
• The entity’s Chairman or the Vice Chairman may authorize members from the entity staff to manage the account as the authorization shall
• Copies of the authorized signatories IDs attested by the entity
• A letter from the president of the WAMY affiliated entity to the bank requesting opening a main account or maintaining and updating the
• A copy of the WAMY Saudi Arabia Headquarters Agreement
• A copy of the protocol appended to the WAMY Headquarters Agreement
• A copy of the decision to form WAMY Board of Trustees and the appointment of its officials and their powers
• A copy of the by-law and procedures of WAMY
• The authorized persons must fulfil the account opening agreement (contract) determining the purpose of the account, the sources of income
• Copies of the IDs of the Chairman, Secretary General, Chief Financial Officer and the members of the Board of Trustees attested by the entity
• Approval of the CEO/general director and the manager of compliance department of the bank to open the account or to maintain and update
• Telephone banking and e-banking services shall be limited to balance inquiry and transfer from sub-accounts to the main account only
• SAMA must be informed when the account is opened
• Deposited cash amounts to WAMY’s main account and sub-accounts from WAMY official staff may be accepted
• The bank may accept cash deposits, checks and transfers to the main account and sub-accounts from non-official staff of WAMY or WAMY
• Deposits or transfers for donation incoming to the bank from inside Saudi Arabia shall not be accepted
• Amounts incoming to the WAMY’s main account or sub-accounts from outside Saudi Arabia clearly stating their purpose as gifts, subsidy or

A copy of the official approval from the competent authority in Saudi Arabia for the opening of a branch of the subject or sub-activity of the practice. A letter from the president of the WAMY-affiliated entity to the bank requesting the opening of a master account or maintaining and updating the request for opening a master account or maintaining and updating the existing account specifying the purpose of the account and that the persons authorized to managing the account are the Chairman or General Secretary with a joint signature and the Chief Financial Officer with the main signature.

Sub-accounts for WAMY branches and their various activities

A copy of the OIC Saudi Arabia Headquarters Agreement (or any other document for this purpose). Copies of the IDs of the authorized persons, OIC Chairman or Vice Chairman as per the submitted request.

300.1.6.6 Bank accounts of relief committees and campaigns

Copies of the IDs of the President, Deputy or Vice President of the Organisation/Fund as per the request submitted. The bank does not require SAMA approval to open accounts for the permanent staff of such organizations as the terms and procedures stated in Rule (200-1) apply.

300.1.6.7 Bank accounts of committees of friendship and foreign official relationships of Saudi Arabia

Withdrawals or transfers from sub-accounts are not made, except to the main account. Such accounts can only be maintained on the basis of the joint signatures of two authorized persons after submitting personal data and copies of their identity cards and signatures.

300.1.6.8 Economic and technical liaison offices in Saudi Arabia

300.1.7 Bank accounts for liquidation and financial restructuring

Commencement of any liquidation procedures under the provisions of Bankruptcy Law

• The bank shall receive the court order that includes the following
• The bank shall receive a request to open the account from the liquidation officeholder or the representative of the bankruptcy
• The bank shall receive copies of the commercial register and memorandum of association and its annexes for the juristic person
• The bank shall receive copies of the national ID and commercial register or license of the liquidation officeholder. In case of administrative
• The account shall be operated by the liquidation officeholder or the representative of the bankruptcy committee, as the case may be, in
• Checkbooks may be issued for such accounts at the request of the liquidation officeholder or the representative of the bankruptcy
• The bank, the liquidation officeholder or the representative of the bankruptcy committee, as the case may be, must confirm that the IDs
• Account validity

The name of the account will be (name of the individual or legal entity in liquidation. The validity period of the account will be as specified in the court order for liquidation.

Accounts for proceeds from the sale of the bankruptcy assets covering the debtor's debt in case of financial restructuring

• The bank shall receive a request to open the account from the officeholder, stating the purpose of the account “Depositing the
• The bank shall obtain a copy of and verify the national ID of the officeholder
• The name of the account shall be “Account of proceeds from sale of bankruptcy assets covering the debt of (name of the debtor) subject to
• The account shall be operated by the officeholder specified in the court order in accordance with the provisions of Article 82 of the Bankruptcy
• The bank shall receive an undertaking from the officeholder to notify the bank once a court order to dismiss him/her or accept his/her resignation

300.2 Non resident juristic persons

300.2.1 Non-banking GCC companies not residing in Saudi Arabia

300.2.1.1 Current accounts and deposits for business and credit purposes

Approval from the Saudi Embassy in the company's GCC country for all the above requirements. The above documents will be completed directly by the bank's employees by interviewing the customers personally (authorized persons) or by a national GCC correspondent bank residing in the country of the company.

300.2.1.2 Bank accounts of GCC juristic persons for the purpose of trading in securities listed in the Saudi Stock Exchange

A copy of the articles of association or the contract establishing the fund or the management fund and any amendments thereto. A copy of the founding agreement of the fund or management fund and its appendices, which clearly show its capital structure and its management, and that the share of GCC nationals (natural or legal) exceeds 50%.

Repayment is made through remittances from the borrower’s country or from banks in the Kingdom by a resident customer specified in the loan agreement

300.2.3 Non-resident and non-banking companies and businesses with contracts or projects in Saudi Arabia

Limit deposits to such an account to the amounts that must be paid to the company by other parties, such as the Treasury Department (government checks) or a private entity if the contract is with a private or quasi-government sector. 300.2.4 Non-Resident and Non-Banking Companies and Companies Leasing Space in Deposit Areas in Saudi Arabia:.

300.2.4 Non-resident and non-banking companies and businesses leasing spaces in deposit areas in Saudi Arabia

300.2.5 Non-resident commercial banks (including GCC banks)

Banks must ensure, through publicly available information and investigations (such as the media), that the correspondent banks with which a bank intends to do or continue to do business are not subject to any money laundering or terrorist financing investigations involved in matters in be brought against them in this regard or be subject to any legal action. Banks may not enter into new relationships with a correspondent bank or open a correspondent account without the approval of their senior management.

300.2.6 International investment companies and mutual funds and other non- resident financial institutions (including GCC institutions)

Banks will also have access to the correspondent bank's internal controls to combat these crimes and ensure their adequacy and effectiveness and that the correspondent bank does not allow shell banks to use its accounts. Such accounts shall not be used or treated as checking accounts and no check books should be issued for them.

300.2.7 Non-resident insurance companies and money changers

In addition, they may not be used for cash deposits or by a third party to carry out activities for its own account. It may open a correspondent account only after providing the documents in connection with practicing (banking activities) foreign exchange activities as specified in rule (300.2.5).

300.2.8 Payment card companies not residing in Saudi Arabia and not GCC affiliated

400. Rules for Opening Bank Accounts for Resident and Non-Resident Foreign Investors Not Covered by the Foreign Investment Law

400.1 Rules for opening bank accounts for the purpose of linking investment deposits only or linking investment deposits for issuing letters of guarantee

Obtaining approval from the General Manager and Head of Compliance to open the account. The account may only be used for deposit purposes and may not be used to conduct other transactions.

400.2 Rules for opening intermediary investment accounts

Written instructions signed by two authorized persons in the non-resident foreign company, whose names are included in the deposit request. The bank confirms that all IDs and documents are true copies of the originals, and documents issued outside of Saudi Arabia will be verified by the relevant authorities, the Saudi Embassy in the respective country and the Ministry of Foreign Affairs in Saudi Arabia .

400.3 Rules for opening bank accounts for juristic persons (licensed companies, institutions and shops) owned by foreign residents permitted to practice

The information (name, ID number and expiration date) in the commercial register and/or license provided by a non-Saudi trader must be verified. A list of owners as stated in the deed of incorporation (if any), as well as copies of their IDs.

400.4 Rules for opening bank accounts for foreign financial institutions qualified to invest in securities listed in the Saudi Stock Exchange

The non-Saudi owner of an entity is not allowed to authorize others (Saudi or non-Saudi) to manage the entity's accounts.

500.1 Rules for opening bank accounts for ministries and Saudi government entities

Government accounts are not transferred from one bank to another, unless the consent of the Ministry of Finance is obtained and communicated to the bank through SAMA. 500.1.2 Rules for opening bank accounts for government entities to receive donations for their own account:.

500.1.2 Rules for opening bank accounts for government entities to receive donations for their own account

A government entity may not open any foreign currency account unless this is included in an approval given by the Ministry of Finance and communicated to the bank by SAMA. If the purpose of the account is fulfilled and the account is no longer needed, the Substitution for Financial Affairs and Accounts in the Ministry of Finance will be informed to ask SAMA to close the account.

500.1.2.1 Bank accounts of government entities, designated for activities and services financed through sources other than the state budget

The bank obtains a copy of the regulations of the public authority regarding the financial affairs of the financed activity (university, institute). The account is opened for the duration of the project or for a period of one year if the duration is not defined.

500.1.3 Bank accounts to invest the funds of persons covered by the Law of the General Commission for the Guardianship of Trust Funds for Minors and

The bank will receive a request from the rector/head of the entity (university, institute, scientific center, etc.) to open an account; such request will indicate that the account is designated for an activity to be funded by sources other than the state budget. The validity of the account can be extended for another period/additional periods by means of a letter from the rector/head of the entity to the bank, requesting an extension and including supporting reasons.

500.2 Bank accounts of countries and non-Saudi and non-resident government entities

The government agency specifies the purpose of the account and, if possible, the reasons for contracting with or performing advisory or technical duties. 500.1.3 Bank Accounts to invest the funds of persons subject to the Act of the General Commission for the Custody of Trust Funds for Minors and.

500.2.1 GCC countries and GCC government and quasi-government entities

The bank obtains copies of the identity documents of persons who are authorized to jointly sign for the account. Banks operating in Saudi Arabia are prohibited from opening bank accounts for non-GCC countries and non-GCC, non-resident government and quasi-government entities, except Hajj missions, unless official approval is granted by the Minister of Foreign Affairs and is communicated to the bank via SAMA.

600. Clearance Bank Accounts

Such approval will indicate the name of the account, sources of funds, names of signatories and how to change them. The change of the signatories requires the approval of the Ministry of Foreign Affairs, unless the approval for the opening of the account as communicated by SAMA clearly allowed the change of such signatories by a specific person(s) or entity.

General Rules for Operation of Bank Accounts

• Rules for Deposits in Bank Accounts 1 Deposits through bank tellers
• Deposits via cash acceptance machines (CAM) and automated teller machines (ATM)
• The bank shall obtain SAMA preliminary approval for providing such product (service)
• Account closure
• If the customer wishes to terminate his/her relationship with the bank, he/she should submit a request to the bank to close his/her account and
• If problems related to the verification of the banking relationship occur after opening the account and the problems are not solved or if the relationship
• If the account is opened, the customer deposits funds into it and then reduces his/her balance to zero, and the account has remained inactive or

As a minimum requirement, the bank obtains the depositor's full personal information and signature. The bank does not limit the information on the deposit slip to just the name of the company and the depositor.

Concluding Provisions

Any update to the Rules will be published immediately on SAMA’s website

These Rules shall supersede the Rules Governing the Opening of Bank Accounts and General Operational Guidelines in Saudi Arabia (4th Update) and

The Rules shall supersede any provisions to the contrary

The Rules, and any updates thereto, shall enter into force as of the date of its publication on SAMA’s website

Appendices

Appendix (B) Legal Entities in Public Sector

Appendix (C)