The Saudi Arabian Monetary Authority (SAMA) announced the amendment of some requirements rules for opening accounts. Based on its supervisory role over banks operating in the Kingdom, and in order to ensure banks provide attention to customers' needs and provide services with ease, including speeding up Procedures for opening bank accounts.
In a statement, SAMA indicated an amendment to the rule for opening bank accounts for institutions practicing e-commerce activity in a step aimed at facilitating the procedures for opening accounts for those institutions and promoting this type of modern commerce, and this amendment coincided with the introduction of instructions within the rules of bank accounts within specified time periods.
The rule for opening bank accounts for resident companies has been amended by excluding the fulfillment of licenses necessary to practice activity when opening this type of account. With regard to the amendments made to some articles of the requirements, SAMA stated that it decided to create a paragraph within Rule No. (100) of general instructions regarding opening bank accounts that includes the time limits for opening bank accounts stating that banks must open bank accounts for natural and legal persons with no special approvals of any kind from the concerned departments and within one working day of completing the account opening requirements. As for accounts that require special approvals, two working days is maximum. It is necessary to notify the applicant for opening the account of any deficiencies or additional requirements immediately upon submitting the request to open the account and documenting this in writing.
It also indicated to the amendment to the requirements Rule No. (300-1-3) for resident companies mentioned in the bank accounts rules, by excluding Paragraph No. (2) which stipulates that the bank must obtain a copy of the license for companies whose activities include what requires a license, along with Emphasizing the need for the bank to verify that bank accounts are not used for other than the purposes for which they were opened, in accordance with the licensed activity.
The amendments also included amending the requirements of Rule No. 300-1-1-3 of the establishments that practice e-commerce activity and do not have an official headquarters, thus facilitating the procedures for opening bank accounts for these institutions, so that the bank accounts of these institutions are opened in accordance with the requirements of Rule No. (300-1) -1) for the licensed establishments, establishments and stores. In addition, the name of the account must be in accordance with what is written in the commercial register and the purpose of opening the account (e-commerce), and that the electronic platform of the commercial establishment is verified through the electronic shop authentication bodies licensed by the Ministry Trade and investment, and fulfill the national address of the institution or its owner.
In conclusion, SAMA would like to inform all interested parties that all the new amendments referred to above have been included in the bank account rules published on its website via the following link:
http://www.sama.gov.sa/ar-sa/Laws/Pages/BankingRulesAndRegulations.aspx