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The bank may open bank accounts for these licensed businesses and shops upon completing the following:
1.
Obtaining a copy of the entity’s commercial register, or license if it is the only item required for practicing the entity's business without the need for a commercial register.
2.
Verifying the identity of the owner of the entity against his/her name in the commercial register or license, and checking the information and validity of the owner’s ID.
3.
Obtaining copies of the IDs of individuals authorized to mange and operate the accounts.
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If the owner of entity or shop is an endowment or private societies/foundations or cooperative associations, the bank must then request the following, in addition to the aforementioned requirements:
1.
A copy of a valid endowment registration certificate issued by the General Authority of Awqaf, including at minimum the following: Name of endowment, endowment deed number and date, and names of administrators and their ID numbers (for endowments); or a copy of the license issued by the Ministry of Human Resources and Social Development, a copy of the decision of the board of directors of the society/foundation (meeting minutes) approving the establishment of the business, entity or shop, and the approval for the account’s authorized signatories (for private societies/foundations or cooperative associations).
2.
Copies of the IDs of administrators whose names are stated in the endowment registration certificate (for endowments).
3.
This type of accounts shall be classified as a high-risk account.
