Regulatory Alerts2019-01-17
Customer Signature on Bank Account Agreements
The Saudi Central Bank mandates that banks and financial institutions accept a single customer signature on the final page of bank account opening agreements, replacing the previous requirement to sign every page. This streamlined process remains valid provided each agreement displays a clear reference number on all pages, states the total page count on the signed page, is retained and published online by the institution, and includes a concluding statement confirming customer review and approval. Institutions must implement these controls within forty working days of the circular's issuance date.
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