Regulatory Alerts2023-12-08
King Faisal Foundation Exempted from MHRSD Approval for Bank Accounts and International Transfers
The Saudi Central Bank (SAMA) has exempted the King Faisal Foundation from obtaining Ministry of Human Resources and Social Development approval for opening subsidiary bank accounts and transferring or issuing checks internationally. This directive enables the foundation to operate efficiently while ensuring compliance with Royal Decree 55871, which designates the King Salman Humanitarian Aid and Relief Centre as the sole recipient of charitable donations for overseas distribution. SAMA is concurrently reviewing and amending broader account management requirements for private associations and foundations to align with recent regulatory developments and streamline banking procedures.
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