Amendment of Rules 4.1 and 4.2 Contained in Chapter II of the Account Opening Rules

Saudi Central Bank Reference No.: 42033441 Date: 1442/05/20 AH Attachments: None

Circular

To: Respected Banks, Peace, mercy and blessings of God be upon you,

Subject: Amendment of Rules 4.1 and 4.2 Contained in Chapter II of the Account Opening Rules.

Reference is made to Rule 4.1 regarding customer identity updates, and Rule 4.2 regarding customer data updates, both contained in Chapter II of the Account Opening Rules, as communicated under Circular No. (67/65681) dated 01/11/1440 AH.

Please be informed of the following amendments:

1. Item (First) of Paragraph (b) of Rule 4.1 shall be: "Banks may update identity data for their customers through this service -at their discretion-."
2. Paragraph (d) of Rule 4.2 shall be: "The Bank may accept customer data updates through electronic banking services (Internet or phone/mobile banking) for customers subscribed to these services, provided that the validity of the customer's identity data is verified using documents, data, or information from a reliable and independent source, and such verification is documented."

For information and action as of its date. Yours sincerely,

Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000