Regulatory Alerts2020-10-05
Acceptance of Documents from Social Development Centers Regarding Accounts of Associations, Civil Institutions and Cooperative Societies
The Saudi Arabian Monetary Authority confirms the acceptance of submissions from Social Development Centers regarding accounts of associations, civil institutions, and cooperative societies. This directive validates the centers' statutory authority to approve board formations, renewals, and designated signatories for these entities' accounts, provided they meet existing banking rules. The circular takes immediate effect upon email notification and applies to all banks operating within the Kingdom.
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