Saudi Arabian Monetary Authority (SAMA) announced a preliminary draft of the fifth draft of the rules for the opening of bank accounts and the general rules for their operation in commercial banks operating in the Kingdom. SAMA clarified that this step comes as part of its continued efforts to enhance the financial Inclusion of all sector of the society, in addition to developing the financial sector and solving problems encountered by the clients of the entities under its supervision. SAMA calls on the public and interested parties to express their observations and views on the project effective from Sunday 5/6/1440H corresponding to 10/2/2019 and for sixty days.

SAMA indicated that it aims to facilitate the requirements and procedures for opening bank accounts for all customers of banks, taking into considerations the relevant regulations and latest developments in the international norms in banking transactions, in accordance with the objectives of the financial sector development program and its strategy of financial inclusion. In addition, this should keep pace with the economic development witnessed by the Kingdom towards realizing Kingdom’s vision 2030, in line with its supervisory role over the financial institutions under its supervision.

SAMA calls upon the general public and interested parties to submit comments and observations on the fifth draft update of the rules for opening bank accounts and general rules for their operation in commercial banks across the Kingdom through the e-mail: Bankingpolicy@sama.gov.sa.

The final version of these rules can be found at:

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