Regulatory Alerts2023-02-19
Amendment of Rules (300-1-3) and (300-1-3-3) of Account Opening Rules
The Deputy Governor for Supervision of the Saudi Central Bank (SAMA) has amended Rules 300-1-3 and 300-2-1-3 of the Bank Account Opening Rules to update capital deposit and account management requirements for resident and joint stock companies. The amendments mandate that banks open dedicated founders' accounts under establishment, verify founder identities, restrict withdrawals to the board of directors until commercial registration, and require a copy of the memorandum or articles of association. Furthermore, if company establishment remains incomplete, banks must return capital to founders proportionally while continuing to collect standard resident company documentation.
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