Amendment of Rule No. 300-1-6-6 of the Account Opening Rules

Saudi Central Bank

Reference No.: 42060703 Date: 1442/08/25 Pages: 1 page Attachments:

Circular

Respected Sirs, Peace be upon you,

Subject: Amendment of Rule No. 300-1-6-6 of the Account Opening Rules.

Reference is made to Rule No. 300-1-6-6 concerning charitable committees and campaigns, included in the Account Opening Rules, communicated via Saudi Central Bank Circular No. 65681/67 dated 01/11/1440 AH.

You are hereby informed of the amendment to the requirements of the aforementioned Rule, in accordance with the attached format, to include within its scope the accounts of the King Salman Center for Humanitarian Relief and Humanitarian Affairs, for the purpose of managing its relief campaigns.

For your information and action, effective from its date.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision

Footnotes Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

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Saudi Central Bank

Amendment of Requirements for Rule No. 300-1-6-6 Concerning Charitable Committees and Campaigns

300-1-6-6 Bank Accounts for Charitable Committees and Campaigns: Bank accounts are opened for designated charitable campaigns and committees, as well as the King Salman Center for Humanitarian Relief and Humanitarian Affairs ("the Center"), for managing its operations and overseas relief campaigns, as follows:

1. A copy of the approval from His Highness regarding the establishment of the designated committee/campaign for fundraising, and obtaining SAMA's approval to open a single main account in its name, after designating the authorized signatories (joint signature) and providing copies of their IDs and specimen signatures. If the account applicant is the Center, a letter from the General Supervisor of the Center addressed to the bank must be obtained, designating its authorized managers (at least two persons) with joint signatures, along with copies of their IDs and specimen signatures. The application must specify that the account's funding sources do not include funds received from the General State Budget or the Center's budget.
2. Authorized persons at the Center or charitable committees/campaigns are permitted to open sub-accounts linked to the main account for fundraising and charitable operations.
3. The Center's bank accounts for employee salaries and operational expenses, or for its charitable duties funded by the General State Budget or the Center's budget, are separated from accounts whose funding sources differ from these budgets. The instructions in Rule No. 500-1-1 regarding the opening and management of government entities' accounts apply to the Center's accounts funded by the General State Budget or the Center's budget.
4. Deposits in these accounts are permitted via all means, cash, checks, or internal transfers. The Center may also accept electronic donations through various electronic payment gateways, including credit cards (domestically and internationally).
5. No issuance of ATM cards or credit cards.
6. Transfers abroad or receipt of remittances from abroad are not accepted until SAMA's approval is obtained, except for the Center's accounts to which this paragraph does not apply.