Regulatory Alerts2021-01-04
Amendment of Rules 4.1 and 4.2 Contained in Chapter II of the Account Opening Rules
The Saudi Central Bank, through Deputy Governor for Supervision Fahd bin Ibrahim Al-Shathri, has issued a circular amending Rules 4.1 and 4.2 within Chapter II of the Account Opening Rules to clarify customer identity and data update procedures. The amendments authorize banks to update identity data at their discretion under Rule 4.1 and mandate that electronic banking updates for subscribed customers be verified using reliable, independent source documents under Rule 4.2. This circular takes effect as of its issuance date and applies to all banks and financial institutions operating in the Kingdom.
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