Regulatory Alerts2024-09-09
Exemption of Bank Accounts for Enforcement Courts Established to Collect Enforcement Amounts from Inoperative Account Classification Stages
The Saudi Central Bank has issued Circular No. 46015210 to exempt bank accounts established by enforcement courts for collecting enforcement amounts from specific inoperative account classification stages and the mandatory 90-day deposit closure requirement. This exemption modifies Rule (Fifth) and Item No. (8) of the Bank Accounts Rules, allowing these accounts to remain open without deposits during classification while maintaining bank oversight and requiring official coordination with the Ministry of Justice regarding account status. Banks must continue monitoring these accounts and apply the 90-day non-deposit or 24-month post-transaction closure rules unless exempted, effective immediately upon issuance.
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