Regulatory Alerts2023-05-01
Non-Requirement for Company Customers to Provide the Official Stamp on Memorandums of Association and Amendments Submitted for Account Opening or Banking Transactions
The Saudi Central Bank confirms that all banks and savings institutions must not require company customers to provide the official Ministry stamp on Memorandums of Association (MOAs) and their amendments when opening accounts or conducting banking transactions. This directive addresses the inconsistent practice of some banks rejecting unstamped MOAs, aligning operations with previous circulars that exempted company customers from this requirement. Banks are instructed to verify the authenticity of these documents directly through the Aamaly platform at aamaly.sa instead of demanding physical Ministry stamps.
E2305010235 1444/10/11H Circular Dear Sirs, Greetings, In continuation of the Saudi Central Bank (SAMA) instructions communicated via Circular No. 381000053456 dated 17/05/1438H, Circular No. 391000031596 dated 18/03/1439H, and other related instructions stipulating that customers from companies and institutions are not required to provide the official Ministry stamp on the Memorandum of Association (MOA) and its amendments submitted for account opening or banking transactions, and considering the documents submitted to us noting that some banks have been rejecting MOAs and amendments from customers due to the absence of the Ministry stamp, Therefore, the Saudi Central Bank confirms that all banks and savings institutions must not require customers from companies to provide the official Ministry stamp on the MOAs and amendments submitted for account opening or banking transactions, and shall instead rely on verifying their authenticity through the Aamaly profile via the following link: (aamaly.sa). Regards,