The Saudi Arabian Monetary Authority (SAMA) issued the fifth update of the rules for opening bank accounts and the general rules for operating them in commercial banks operating in the Kingdom of Saudi Arabia.

                SAMA explained that this step comes in line with its efforts to facilitate and organize procedures for opening and operating bank accounts for all bank and bank clients, and its constant endeavor towards raising the level of financial inclusion. In addition, SAMA is keen to keep pace with the economic development the Kingdom is witnessing towards achieving the goals of Vision 2030 and all of this comes in line with its supervisory role.

                SAMA indicated that the updated version of the rules, which will replace the fourth update of the rules for opening bank accounts and the general rules for operating them in commercial banks in the Kingdom; It aims to regulate the procedures for opening and operating bank accounts and defining supervisory and control rules related to bank accounts.

                SAMA pointed out that it had published the draft "Rules for opening bank accounts and general rules for operating them in commercial banks operating in the Kingdom" on its website to seek public opinions about it before it was approved in its final form. To view the rules for bank accounts, to visit the website through the link:

http://www.sama.gov.sa/ar-sa/Laws/Pages/BankingRulesAndRegulations.aspx