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Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
The bank may open accounts for these special-purpose entities upon completing the following:
1.
Obtaining a copy of the license of the special-purpose entity, issued by the Capital Market Authority (CMA).
2.
Obtaining a copy of the license (if any) or commercial register of the owner, issued by the concerned authority.
3.
Obtaining a copy of the entity’s articles of association.
4.
Checking the IDs (for natural persons) and licenses or commercial registers (for juristic persons) of registered board members.
5.
Obtaining a copy of the decision made by the authorized signatory in such entity, authorizing specific individuals to manage and operate the accounts.
6.
Obtaining copies of the IDs of individuals authorized to mange and operate the accounts; and
7.
Checking the IDs (for natural persons) and licenses or commercial registers (for juristic persons) of the special-purpose entity’s owners whose names are stated in its articles of association and amendments thereto.
