300.1.1.3 E-Commerce Businesses with No Official Premises
| No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 | Status: In-Force |
Effective from Apr 20 2025 - Jul 02 2019
To view other versions open the versions tab on the right
This rule has been amended according to the circular No. (75357/67), Dated 27/12/1440H, corresponding to 28/08/2019G.
| The bank may open accounts for e-commerce businesses as per the requirements of Rule (300.1.1) on Licensed Businesses and Shops. The following shall also be observed: | |
| 1. | The account name shall be as shown in the commercial register of the business, and the purpose of opening the account shall be “e-commerce”. |
| 2. | The e-platform of the business shall be as shown in the commercial register. |
| 3. | The national address of the entity or its owner shall be obtained. |
| 4. | This type of bank accounts shall be classified as of high risk and shall be updated every two years. |