Acceptance of the Customer Signing the Last Page of the Bank Account Agreement Only

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank (SAMA)
Banking Policy Department
No.: ....................................
Attachments: None

Head Office
No.: 6013 / 67
Date: 1441/02/01 (AH)
Attachments: None

Circular

To Our Respected Colleagues,

Peace, mercy, and blessings of Allah be upon you,

Subject: Acceptance of the Customer Signing Once on the Last Page of the Bank Account Agreement.

Reference is made to the Institution's instructions communicated under Circular No. 29811/67 dated 1440/5/11 AH regarding the acceptance of a customer's single signature on the last page of the bank account agreement, instead of signing every page according to specified conditions. In light of observations that some banks and financial institutions have been requesting the customer's signature on every page of the bank account agreement, which is inconsistent with these instructions, and considering the reports provided by banks and financial institutions on this matter,

The Institution therefore confirms that all operating banks and financial institutions in the Kingdom must comply with the aforementioned instructions, and ensure that relevant departments instruct branch staff to accept a customer's single signature on the last page of the bank account agreement. The Institution will take regulatory actions in case of non-compliance.

For your information and action, effective from its date.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

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