SAMA Circular on Linking Sadad Account with the Main Account — SAMA — SA

In the name of Allah, the Most Gracious, the Most Merciful

Saudi Arabian Monetary Authority
Head Office

Banking Policy Department
Number: ....................................
Attachments: ....................................

Circular

Number: 391000075459
Date: 1439/07/03
Attachments: ....................................

His Excellency, Dear Sir,

After greetings,

Subject: Linking Sadad Account with the Main Account.

Referring to the "Sadad Account," one of the services provided via the Sadad Payments System, which aims to develop and improve the e-commerce environment in the Kingdom as a safe and convenient payment method for processing electronic payments, and noting that some banks treat it as an independent account from current accounts when applying update requirements in the banking account opening rules and general operating rules, where it is frozen despite the current account being updated, resulting in burdens for customers and banks.

Therefore, SAMA confirms that the "Sadad Account" shall be treated according to the status of the main current account when applying update requirements in the banking account opening rules and general operating rules, as well as the "Inactive Accounts and Relationships" requirements updated by Circular No. 371000120064 dated 1437/11/20, and the Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) rules, and the instructions on disclosing banking relationships and attachments.

For information, implementation, notifying relevant departments of its content, and sharing SAMA with the action plan to complete these changes.

Accept my regards,

Ahmed bin Abdullah Al-Sheikh
Deputy Governor for Supervision

Distribution Scope:

Banks and financial institutions operating in the Kingdom
Supervision Department administrations
Banking Operations Agency

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