500.2 Bank Accounts of Countries and Non-Saudi and Non-Resident Government Entities
500.2.1 GCC Countries and GCC Government and Quasi-Government Entities
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.
500.2.2 Non-GCC Countries and Non-GCC, Non-Resident Government and Quasi-Government Entities, Except Hajj Missions
Banks operating in Saudi Arabia shall not open bank accounts for non-GCC countries and non-GCC, non-resident government and quasi-government entities, except Hajj missions, unless official approval of the Minister of Foreign Affairs is granted and communicated to the bank through SAMA. Such approval shall indicate the name of the account, sources of funds, names of signatories and how to change them. Changing the signatories requires the approval of the Ministry of Foreign Affairs unless the approval for opening the account as communicated through SAMA has clearly allowed changing such signatories by a specific person(s) or entity. The bank shall classify such accounts as of high risk.