Regulatory Alerts2026-02-25
Amendment of Rule No. (200-1-1) of the Account Opening Rules
The Saudi Central Bank has amended Rule 200-1-1 governing bank accounts for Al-Amthal Prison inmates to permit unrestricted transfers, remittance receipts, and digital transactions executed by authorized persons. The revised rule updates withdrawal procedures to allow signed checks or transfers, expands deposit methods to include cash, bank branches, and ATMs while maintaining specific identification requirements, and authorizes internet and telephone banking services upon the managing entity's request. These amendments take effect immediately and apply to all banks and financial institutions operating in the Kingdom.
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