Regulatory Alerts2022-03-29
Added · Updated
Amendment of Rule 300.1.5.3 of the Account Opening Rules
The Saudi Central Bank issued a circular amending Rule 300.1.5.3 regarding the opening of bank accounts for Family Offices. The amendment specifically removes the requirement for banks to obtain copies of the founder's or founders' identities when opening such accounts. The document retains all other operational requirements, including the need for a board letter, license copies, and joint signatures, effective immediately for all banks operating in the Kingdom.
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