Regulatory Alerts2024-05-21
Amendment of Rule (500-1-2) of the Account Opening Rules
The Saudi Central Bank (SAMA) issued Circular No. 45070397 to amend Rule (500-1-2) of the Bank Accounts Rules, which governs account opening for government entities receiving disputes. The updated Rule mandates that applications be submitted with Ministry of Finance approval and must explicitly state the account's purpose for receiving disputes on behalf of government entities. Additionally, it requires the appointment of two authorized signatories plus a financial supervisor, with ID and signature verification by both the entity and the bank, while establishing a clear procedure for replacing these officials through formal correspondence.
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