King Faisal Foundation Exempted from MHRSD Approval for Bank Accounts and International Transfers

Translated Document

In reference to Rule No. (300-1-5-3) stated within the Account Opening Rules, communicated according to SAMA circular No. (65681/67) dated 01/11/1440H including the requirements for opening and managing bank accounts for Private Foundations, the restrictions which mandate obtaining approval from the Ministry of Human Resources and Social Development for opening subsidiary accounts, and its approval along with that of the supervising authority for transferring and issuing funds outside the kingdom, and the challenges faced by the King Faisal Foundation in this regard while conducting its activities." I inform you that, based on coordination with the relevant authorities and the directives issued in this regard, it has been decided that the two requirements mentioned above will not apply to the bank accounts affiliated with the King Faisal Foundation. This is to enable it to conduct its activities, while ensuring compliance with the Royal Decree No. (55871) dated 09/11/1436H, which stipulates that the King Salman Humanitarian Aid and Relief Centre shall be the only entity responsible for receiving any relief, charitable, or humanitarian donations, whether their source is governmental or private, to deliver them to those in need abroad. For your information and to act accordingly from this date, knowing that SAMA is working with relevant entities to review the requirements for opening and managing bank accounts for Private Associations and Foundations, and considering amending them to align with regulatory developments and facilitate the procedures for opening and managing bank accounts for these entities.

9929