This comes in light of SAMA's efforts aimed at facilitating and organizing procedures for opening bank accounts, guaranteeing rights and raising the quality of agreements concluded with clients; this is with the aim of creating clear terms and conditions that achieve fair transactions.

                The  Saudi Central Bank indicated that these two model formulas do not exempt banks and from their responsibility to take any enhanced measures, and to exercise due diligence, especially in cases where there are increased risks of money laundering and terrorist financing. This is to identify and verify the real client or beneficiary. It is also not permissible for banks to amend the model form of the agreement for opening a current bank account for individuals, with the possibility of modifying the model formula for the agreement for opening a current bank account for legal persons. Though, the amendment should grant greater rights and benefits to the customer, provided that he adheres to the provisions mentioned in the bank account rules issued by him?

                The Saudi Central Bank indicated that the two formats referred to above were published earlier;

To obtain public opinions about them - in order to enhance the principle of transparency and participation - before adopting them in their final form, noting that they can be viewed by visiting (link)