Saudi Central Bank

No.: 472047083
Date: 1447/09/08
Attachments: None

Circular

To the Esteemed,

Peace, mercy and blessings of God be upon you.

Subject: Amendment of Rule No. (0-1-1) of the Bank Accounts Rules.

I refer to Rule No. (0-1-1) concerning bank accounts for Al-Amthal Prison inmates, included within the Bank Accounts Rules, communicated to banks and financial institutions pursuant to SAMA Circular No. (10681/77) dated 1/11/1440H.

Please be informed that a number of requirements of the aforementioned rule have been amended to allow transfers without restricting them to specific beneficiaries, in addition to receiving remittances and executing transactions -through authorized persons- via digital channels; as follows:

1. Amendment of Paragraph No. (4) to read as follows: "Withdrawals from the account shall be made by checks signed by authorized persons, or by transfer."

2. Amendment of Paragraph No. (5) to read as follows: "Deposits into the account shall be made via transfer, or in cash through a bank branch, or by check if the trust is a crossed check issued to the inmate's order. Deposits shall be made by account authorized persons, or those authorized by them, or by persons related to the inmate, while ensuring the collection of the depositing inmate's information (name and ID number) and the depositor's information including the bank account (bank name, IBAN). Cash deposit services may be provided via an ATM if available at the prison administration, and a cash deposit card issued in the name of / Prison - Al-Amthal Inmates may be issued, with its PIN delivered to the prison director. The issuance of ATM or credit cards on the account is not permitted."

3. Amendment of Paragraph No. (6) to read as follows: "The bank may, at its discretion and approval, provide internet and telephone banking services; based on an official letter from the entity managing the account."

For your information and action, effective from its date.

To:

Yours sincerely,
Yazid 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: +966114633000 +966114633000 Tel: Kingdom of Saudi Arabia, 11169 Riyadh P.O. Box 2992