Regulatory Alerts2016-09-28
Transactions of Non-Profit Organizations
The Central Bank of Saudi Arabia (SAMA) has issued comprehensive regulations governing the financial transactions, account management, and regulatory compliance of non-profit organizations (NPOs) operating within the Kingdom. The framework mandates dedicated banking accounts, strict documentation of donations and cross-border transfers, and mandatory quarterly reporting alongside annual audited financial statements. SAMA retains full supervisory authority to conduct inspections, enforce anti-money laundering and counter-financing of terrorism standards, and impose corrective measures or penalties on non-compliant entities.
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