Regulatory Alerts2021-03-15
Added · Updated
Amendments of Rules 300.1.1 and 300.1.3 of the Account Opening Rules
The Saudi Central Bank issued Circular No. 42053614 to amend the documentation and verification requirements of Rules 300-1-1 and 300-1-3 for opening bank accounts at licensed institutions, establishments, shops, and resident companies. The amendments mandate that banks collect specific waqf registration certificates or ministry licenses when owners or partners are endowments, associations, NGOs, or cooperative societies. Additionally, the updated rules require these accounts to be classified as high-risk and structured as sub-accounts under the primary account of the relevant association or NGO.
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