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500.2.1 GCC Countries and GCC Government and Quasi-Government Entities

No: 65681/67 Date(g): 3/7/2019 | Date(h): 1/11/1440 Status: In-Force
The bank may open accounts for GCC government and quasi-government entities. The following requirements shall be met: 
 
1.The bank shall obtain a copy of the ministerial resolution issued by the GCC country, requesting opening of a bank account.
 
2.The concerned GCC entity shall send a letter to its Saudi counterpart, the Saudi Ministry of Finance or the Saudi Ministry of Foreign Affairs, requesting opening of a bank account.
 
3.The bank shall obtain copies of the IDs of persons authorized to sign jointly for the account.
 
4.The bank shall obtain the signatories’ specimen signatures.
 
5.The bank shall receive SAMA’s approval for opening the bank account.