Regulatory Alerts2024-11-30
Update of Rule No. 300-1-5-1 to the Account Opening Rules
The Saudi Central Bank has amended Rule 300-1-5-1 to the Account Opening Rules to establish comprehensive requirements for opening and managing bank accounts dedicated to Hajj, Umrah, and Ziyarat activities. The updated regulation mandates that Hajj Affairs Offices, foreign tourism organizers, and Saudi Umrah and Ziyarat companies maintain exclusive Saudi Riyal accounts subject to dual control, strict Ministry of Hajj and Umrah authorization, and mandatory central bank compliance approval. Furthermore, the rule enforces seasonal operational periods, restricts account investments, specifies precise deposit and withdrawal channels, and requires surplus funds to be repatriated or frozen at the end of each Hajj season.
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