Article Five: Offering and Managing Savings Products
| No: 45059688 | Date(g): 24/3/2024 | Date(h): 15/9/1445 | Status: In-Force |
Translated Document
When offering and managing savings products, the bank must adhere to the following:
| 1. | Implement due diligence measures by identifying the customer and any authorized representatives, -if any-, and verify their identities using reliable and independent documents, data, or information, in accordance with the Anti-Money Laundering Law and the Law on Combating the Financing of Terrorism and their implementing regulations. The bank may also refer to the requirements outlined in the Account Opening Rules issued by SAMA when identifying the customer. | ||
| 2. | Provide the customer with an initial disclosure that include the contents of the agreement specified in paragraph (3) of this article. | ||
| 3. | Conclude a product agreement with the customer that includes, -at a minimum- and considering the characteristics of each product, the following: | ||
| 3.1. | Returns and Calculation Mechanism. | ||
| 3.2. | Annual Equivalent Rate (AER). | ||
| 3.3. | Any fees charged to the customer, including administrative fees. | ||
| 3.4. | The scope and areas of investment for the deposit amount. | ||
| 3.5. | The obligations and rights of both parties, such as withdrawal limits from the deposit amount or the minimum amount that must be retained. | ||
| 3.6. | The circumstances under which the customer may not be entitled to returns. | ||
| 4. | Provide the customer with a summarized monthly statement that includes, -at a minimum-, the deposit amount and the returns accrued since the product was obtained. | ||
| 5. | Subject to the provisions in paragraph (1.5) of Article Six, it is preferred that the agreement with the customer be for a fixed term, with either party having the right to terminate it after providing the other party with sufficient notice through mutually agreed reliable communication channels. Upon termination of the agreement or its expiration without renewal agreement by both parties, the bank must transfer the deposit amount to a current account specified by the customer. | ||