Chapter 14: Disclosing of Account Data and Blocking Balances
Disclosing and Blocking at the Request of Official Authorities
178. As a basic rule, for the purposes of disclosing of accounts and balances and blocking thereof pursuant to an order by the concerned official authorities, communications between these official authorities and the DTFCs should be made through SAMA only.
Disclosing of Account Data and Balances Pursuant to SAMA Request
179. For the purpose of disclosing of account and balances upon SAMA instructions, in accordance with the applicable regulations, DTFCs should include in their search disclosing of all relations between the DTFC and the customer, including the existing accounts and all active, closed, suspense, inactive, dormant General Accounts and Term Deposit accounts etc. DTFCs should ensure that their reply to SAMA indicates that search made in this respect covered all categories of accounts and transactions.
Blocking Balances Pursuant to SAMA Request
180. For purposes of blocking accounts and balances pursuant to SAMA request according to the applicable rules, DTFCs should observe that:
i. Blocking shall include the outstanding balance and all suspended withdrawals at and after the time of blocking. DTFCs cannot open opened new accounts unless SAMA's request demands blockage of specific balances and/or specific accounts. In this case, blockage shall be restricted to the specifically demand. ii. Blocking shall Include all accounts and transactions stated in the above paragraph 182.i with the exception of the customer’s participation in companies (in which he is shareholder) accounts unless otherwise stated in SAMA request. iii. DTFCs must continue to block the account effective and valid until the DTFCs receives a notice from SAMA for lifting the blockage and allowing dealing on such accounts. Blocking in the Event of Death, Bankruptcy or Loss of Legal Competence
Official notice on blocking due to bankruptcy:
181. If a DTFC becomes aware of, or receives an official notification of declaration of bankruptcy or of a restriction on its legal competence requested by an authorized party; the DTFC should stop all dealings related to the account and block the balance unless, the Companies Law or the Company's Articles of Associations (in regard to corporate bodies) allows the continuation of such accounts.
Disclosure of Accounts of Bankrupt and Insolvent:
182. In case any person contacts a DTFC to inquire about or disclose transactions, accounts balances or banking relationships related to his debtors or his clients because of bankruptcy or insolvency, the DTFC should direct him to submit a request of that to the competent judicial authority.