Regulatory Alerts2025-07-22
Introduction of New Rule for Bank Accounts of Non-Resident Intermediary Offices for Visa Issuance
SAMA’s Account Opening Rules now mandate a new sub-rule (300-2-9) establishing specific banking requirements for non-resident intermediary offices authorized by the Ministry of Foreign Affairs to issue visas. These entities must open Saudi Riyal-denominated accounts funded exclusively by remittances or checks from their home country, with all deposits and refunds strictly limited to visa-related expenses. Banks must verify real beneficiaries, confirm sources of funds, maintain dual internal supervision, and conduct annual risk assessments while prohibiting investment activities or standard retail banking services.
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