Regulatory Alerts2021-04-07
Amendment of Rule No. 300-1-6-6 of the Account Opening Rules
The Saudi Central Bank (SAMA) has amended Rule No. 300-1-6-6 to explicitly include the King Salman Center for Humanitarian Relief and Humanitarian Affairs, permitting it to open a main account and linked sub-accounts for managing domestic and overseas relief campaigns. The updated requirements mandate joint authorization by at least two designated managers, require clear separation of accounts based on funding sources, and permit diverse deposit methods including electronic donations while restricting ATM and credit card issuance. Additionally, cross-border transfers and remittances now require SAMA approval for non-Center accounts, whereas the Center's own accounts remain exempt from this restriction.
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