Regulatory Alerts2023-05-18
Amendment of Rule 300-1-4 of the Account Opening Rules
The Saudi Central Bank (SAMA) issued this circular to amend Rule 300-1-4 of the Account Opening Rules for resident investors under the Foreign Investment Law. The amendments remove the mandatory requirement to obtain foreign or national company founding documents and a universal power of attorney, replacing them with flexible ownership structure verification mechanisms and post-account opening validation procedures. These changes streamline compliance for licensed foreign companies operating in the Kingdom while maintaining robust identity and authorization checks through reliable, independent sources.
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