Acceptance of Documents from Social Development Centers Regarding Accounts of Associations, Civil Institutions and Cooperative Societies

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In the Name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Head Office

Banking Policy Department
Ref: 42008977
Date: 18/02/1442
Attachments: 2 pages

Circular

To the Respected,
Peace, mercy of Allah and blessings be upon you, Subject: Acceptance of submissions from Social Development Centers regarding accounts of associations, civil institutions and cooperative societies.

Attached are the Authority's instructions communicated via email on 23/04/2020 regarding the acceptance of submissions from Social Development Centers concerning accounts of associations, civil institutions and cooperative societies, which take effect as of the date of their communication to you via email.

For information.
Yours sincerely,

Yazeed bin Ahmed Al-Sheikh
General Manager of Banking Supervision

Distribution Scope:

• Banks and banking institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Telegram: MARKAZI, Telex: 404400, Tel: 4633000, Fax: 4662414

Suliman R. Aljabrin
From: Banking Policy Department
Sent: Thursday, April 23, 2020 10:07 AM
Cc: Abdullah Alanazi (Abdullah Sharad Al-Otaibi) Subject: Acceptance of submissions from Social Development Centers regarding accounts of associations, civil institutions and cooperative societies

To the Respected Compliance Directors,
Peace, mercy of Allah and blessings be upon you,

I refer to Rule No. (300-1-5-1) regarding associations, Rule No. (300-1-5-3) regarding civil institutions, and Rule No. (300-1-5-6) regarding cooperative societies and funds, included in the banking account rules communicated pursuant to Circular No. (65681/67) dated 01/11/1440 AH, as well as Circular No. (371000010677) dated 26/01/1437 AH regarding the acceptance of submissions from Social Development Centers upon meeting the requirements of the aforementioned rules.

I wish to inform you that Social Development Centers are authorized by the Ministry of Human Resources and Social Development to approve the election, formation, reformation, extension, and renewal of boards of directors for associations, civil institutions, and cooperative societies, as well as the approval of persons authorized to sign on behalf of these entities' accounts.

Accordingly, we wish to confirm the acceptance of submissions from Social Development Centers in the Kingdom upon meeting the requirements of the aforementioned rules, as follows:

1. The decision for formation, reformation, and extension of boards of directors for associations, civil institutions, and cooperative societies.
2. Approval to sign on accounts of associations and civil institutions for persons other than those specified in the aforementioned two rules, as well as opening sub-accounts for expenses or designating authorized signatories.

For information and action, effective as of its date.

Yours sincerely..

Suliman bin Rashid Al-Jabrin
Director, Banking Policy Department
P.O. Box 2992, Riyadh 11169
Kingdom of Saudi Arabia
Saudi Arabian Monetary Authority www.sama.gov.sa ---