Regulatory Alerts2022-10-12
Facilitation and Acceleration of the Bank Account Opening Process for Foreign Companies
The Saudi Central Bank directs all domestic financial institutions to facilitate and accelerate bank account opening for foreign companies, enabling them to access diverse banking services and products. The circular further encourages banks to establish dedicated units or offices within the Ministry of Investment’s headquarters to streamline service delivery for this client segment. Banks are required to submit their implementation plans supporting this initiative to the Central Bank via designated email no later than 20 November 2022.
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