Circular

To: / Respected,
Peace be upon you,
Subject: Amendment to Rule 5 of the Bank Accounts Rules.
I refer to Rule 5, included in Chapter 2 of the Bank Accounts Rules communicated via SAMA Circular No. (65681/67) dated 01/11/1440 AH, concerning dormant banking transactions.
I hereby inform you of the amendment to the aforementioned Rule as detailed in the attachment.
For your information and action, effective from its date.
Yours sincerely, / Accept my regards,
Al-Nu'man
Yazeed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

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Amendments to Rule 5 Concerning Dormant Banking Transactions, Included in Chapter 2 of the Bank Accounts Rules

First: Amendment to the introductory definition of dormant transactions, as follows:
"They are accounts, relationships, and transactions that have completed sixty calendar months from the date of the last financial transaction executed by the customer personally, their authorized agent, or heirs. They are divided into three stages as stipulated in this Rule. This Rule aims to ensure continued activity of transactions and preserve customer assets (funds) for which no financial transaction (withdrawal or deposit – depending on the nature of the relationship) has been executed by the customer personally, recorded or via authenticated correspondence, within the time period specified in Item 5..."

Second: Amendment to Item 1 of Paragraph 5-1, specifying transactions subject to this Rule, as follows:
"Current accounts in credit, and savings accounts for which the customer personally, their authorized agent, or heirs have not executed any financial transaction (withdrawal or deposit)."

Third: Amendment to Paragraph 5-2-1, specifying active account rules, as follows:
"Transactions are considered active if no more than twenty-four calendar months have passed since the last financial transaction (withdrawal or deposit – depending on the nature of the relationship) executed by the customer personally, their authorized agent, or heirs, or a recorded or authenticated correspondence."

Fourth: Amendment to Paragraph 5-2-2, specifying dormant account rules, as follows:
"Transactions are considered dormant if twenty-four calendar months have completed starting from the date of the last financial transaction (withdrawal or deposit – depending on the nature of the relationship) executed by the customer personally, their authorized agent, or heirs, recorded or via authenticated correspondence."

Fifth: Amendment to Paragraph 5-2-3, specifying unclaimed account rules, as follows:
"Transactions are considered unclaimed (Unclaimed) if they have completed five calendar years (sixty months), including the dormant account stage, from the date of the last financial transaction (withdrawal or deposit – depending on the nature of the relationship) executed by the customer personally, their authorized agent, or heirs, recorded or via authenticated and documented correspondence, and the bank has been unable to locate the customer and exhausted all communication means."

End.

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Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

P.O. Box 2992, Riyadh, 11169, Kingdom of Saudi Arabia | Tel: +966 11 463 3000