Regulatory Alerts2025-08-10
Amendment of Certain Requirements of the Account Opening Rules to Align with the New Commercial Register Law
The Saudi Central Bank (SAMA) has issued a circular amending specific requirements within the Account Opening Rules to align with the newly enacted Commercial Register Law. The amendments update record-keeping procedures for legal entities, mandate account freezing within 90 days of document expiration unless a renewal certificate is provided, and standardize customer identity update intervals to a maximum of five years. Additionally, the circular clarifies official notification protocols for account suspension due to death, loss of legal capacity, or liquidation proceedings.
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