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The bank may open collection accounts for the purpose of property conveyancing and for enforcement of related decisions. The following requirements and controls shall be met and applied:
1.
The bank shall receive a letter from the Minister of Justice or his delegate, specifying the names of persons (two as a minimum) authorized to manage the account under a joint signature.
2.
The account shall be named “Property Conveyancing for....”. The account shall also be separate from the accounts of the Ministry of Justice.
3.
The bank shall obtain copies of the authorized signatories’ IDs and specimen signatures.
4.
Bank transfers related to the electronic property conveyancing, whether made to the collection accounts opened under the name (Property Conveyancing) or to the accounts of beneficiaries, shall be made using electronic banking services. Withdrawal from the account shall be made only by checks payable to the first beneficiary. The purpose of the check and the ID number of the payee shall be written on the check.*
5.
ATM cards and/or credit cards shall not be issued for such accounts.
6.
Transferring funds from these accounts to beneficiaries outside Saudi Arabia shall not be allowed.
