Regulatory Alerts2017-12-06
Requirements for Establishment of Institutions and Companies and Cancellation of the Requirement for Official Stamp
The Saudi Arabian Monetary Authority mandates all operating banks to strictly enforce commercial registration requirements and actively open bank accounts for specified entities, while permanently prohibiting the opening of "under establishment" accounts. The circular further waives the official stamp requirement on documents and papers submitted for banking transactions, directing banks to proactively inform clients of this exemption. Non-compliant institutions will face applicable regulatory enforcement actions.
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