Regulatory Alerts2021-02-24
Update the Model Forms of Current Bank Account Opening Agreements for Individuals and Legal Entities
The Saudi Central Bank issued a circular updating the model forms for current bank account opening agreements for individuals and legal entities to align with the Instant Payment System. The revision introduces a mandatory clause requiring automatic, confidential sharing of specific customer account data with Saudi Payments for service activation and subscription purposes. Financial institutions operating in the Kingdom are directed to immediately adopt the revised forms published on the regulator's website and comply within the specified timeframe.
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