Regulatory Alerts2024-10-22
Amendment of Rule No. (300-1-3-8) of the Account Opening Rules
The Saudi Central Bank issued Circular No. 46024651 to amend Rule No. (300-1-3-8) of the Account Opening Rules, replacing "debt-based crowdfunding establishment" with "debt-based crowdfunding company" and "financing value" with "financing amount". The amendment updates the corresponding definitions in Chapter One and aligns the rule with recent regulatory changes to debt-based crowdfunding activities. Banks operating in the Kingdom are required to implement these terminology and structural adjustments effective from the circular's date.
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