300.1.1 Licensed Businesses and Shops
| No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 | Status: In-Force |
Effective from Jan 01 2024 - Jul 02 2019
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This rule has been respectively amended according to the circular No. (41042946), Dated 19/06/1441H, corresponding to 13/02/2020G ,and circular No. (42053614), Dated 02/08/1442H, corresponding to 15/03/2021G.
| The bank may open bank accounts for these licensed businesses and shops upon completing the following: | |
| 1. | Obtaining a copy of the entity’s commercial register, or license if it is the only item required for practicing the entity's business without the need for a commercial register. |
| 2. | Verifying the identity of the owner of the entity against his/her name in the commercial register or license, and checking the information and validity of the owner’s ID. |
| 3. | Obtaining copies of the IDs of individuals authorized to mange and operate the accounts. |
| • | If the owner of entity or shop is an endowment or private societies/foundations or cooperative associations, the bank must then request the following, in addition to the aforementioned requirements: |
| 1. | A copy of a valid endowment registration certificate issued by the General Authority of Awqaf, including at minimum the following: Name of endowment, endowment deed number and date, and names of administrators and their ID numbers (for endowments); or a copy of the license issued by the Ministry of Human Resources and Social Development, a copy of the decision of the board of directors of the society/foundation (meeting minutes) approving the establishment of the business, entity or shop, and the approval for the account’s authorized signatories (for private societies/foundations or cooperative associations). |
| 2. | Copies of the IDs of administrators whose names are stated in the endowment registration certificate (for endowments). |
| 3. | This type of accounts shall be classified as a high-risk account. |