Regulatory Alerts2019-09-30
Acceptance of the Customer Signing the Last Page of the Bank Account Agreement Only
The Saudi Central Bank issued this circular to mandate that operating banks and financial institutions accept a customer's single signature on the last page of the bank account agreement, replacing the inconsistent practice of requiring signatures on every page. It directs relevant departments to instruct branch staff to apply this rule according to specified conditions and warns of regulatory actions for non-compliance. The directive takes effect immediately upon issuance, aligning with prior instructions communicated under Circular No. 29811/67.
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