Acceptance of the Customer Signing the Last Page of the Bank Account Agreement Only
| No: 601300000067 | Date(g): 30/9/2019 | Date(h): 1/2/1441 |
Translated Document
In reference to SAMA's instructions issued by Circular No. 29811/67 dated 11/05/1440 H regarding the requirement for the customer to sign only once on the last page of the bank account opening agreement instead of signing each page, as per specified regulations. It has been observed that some banks are requiring the customer to sign each page of the account opening agreement, which does not align with these instructions, as reported to SAMA by various banks in this regard.
Therefore, SAMA emphasizes that all banks operating in the Kingdom must adhere to the aforementioned instructions. It is also important for relevant departments to educate branch staff that the customer needs to sign only once on the last page of the bank account opening agreement. Please note that SAMA will take legal measures in the event of non-compliance.