In reference to Rule (300-1-5-2) related to Private Associations, and Rule (300-1-5-3) related to Private Foundations, as outlined in the Account Opening Rules communicated through SAMA Circular No. (65681/67) dated 01/11/1440H, as well as to the National Center for Non-Profit Sector Development Regulation issued by the Minister Council Decision No. (618) dated 20/10/1442H, and the Implementing Regulation for the Law of Civil Society Associations and Organizations issued by the Minister Council Decision No. (Q/2022/1/2) dated 22/03/1444H, and further to SAMA Circular concerning the Introduction of a New Paragraph within the Rule (300-1-5-3) related to Private Foundations , issued under circular No. (45065133) dated 14/10/1445H.
 

I would like to inform you of the amendment to the two rules mentioned above, according to the attached format. Please note that the main amendments are as follows:
 

1. Replacing the definition of the National Center for Non-Profit Sector Development "the Center" in place of the Ministry of Human Resources and Social Development 'the Ministry' wherever it appears.
    
2. Excluding the requirement of obtaining the approval of the manager of compliance department at the bank for opening accounts for Private Associations and Foundations.
    
3. Excluding the requirement of obtaining the approval of "the Center" for opening the sub-account for expenses, and establishing unified requirements for sub-accounts, facilitating the management of these accounts so that disbursements and deposits are not restricted to the main account.
    
4. Excluding the specification of the positions of those authorized to manage and operate the account, and limiting the requirement to joint signatures, with the approval of the Center when the authorized persons are from outside the board.
    
5. Excluding the approval of the supervisory authority for remittances outside the Kingdom or receiving remittances, and limiting it to the approval of the Center.
    
6. Acceptance of gifts, bequests, donations, endowments, grants, or Zakat is not allowed into the accounts of private foundations from parties other than the founders specified in its bylaws, unless the approval of the Center is obtained.