Amendment of Rule (500-1-2) of the Account Opening Rules

Saudi Central Bank (SAMA)
Reference No.: 45070397
Date: 13/11/1445 AH
Enclosures: None

Circular

To Whom It May Concern,
Peace be upon you,

Subject: Amendment of Rule (500-1-2) of the Bank Accounts Rules.

Reference is made to Rule (500-1-2) included in the Bank Accounts Rules communicated via Circular No. (65/81/67) dated 01/11/1445 AH, which stipulates the requirements for opening bank accounts for government entities to receive disputes on their behalf.

You are hereby informed of the amendment to the aforementioned Rule as follows:

1. Amendment of Paragraph (1) to read as follows: "The account opening application shall be submitted after obtaining the Ministry of Finance's approval communicated through the Saudi Central Bank, with the application specifying that the purpose of the account is to receive disputes on behalf of the government entity."

2. Amendment of Paragraph (2) to read as follows: "The appointment of two authorized signatories by the concerned Minister or entity head, with the financial supervisor of the beneficiary entity added to them, and obtaining certified copies of their IDs and signature samples by both the entity and the bank. In case of changing the authorized signatories or the financial supervisor, this shall be done based on a letter from the concerned Minister, entity head, or their delegate to the bank where the account is held."

For information and action as of its date, the Saudi Central Bank also emphasizes the importance of monitoring updates and amendments to the Rules, and always relying on the version published on its official website.

Yours sincerely,
President
Youssef bin Ahmed Al-Sheikh
Deputy Governor for Supervision

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