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300.1.5.4 Public Welfare Committees (e.g. Committees of Patients’ Friends, Committees Caring for People with Disabilities or Blind People, Committees of Academic Excellence Awards, Charitable Warehouses Licensed by Regional Governors, and the Like)

No: 65681/67 Date(g): 3/7/2019 | Date(h): 1/11/1440 Status: In-Force
-The bank may open accounts for these committees only in Saudi riyal upon obtaining a copy of the committee’s license issued by the concerned official authority as per its jurisdiction, such as the Ministry of Education, the concerned emirate of the region, etc. Bank accounts for such committees shall be opened and managed under a joint signature of the committee chairman (or secretary) and its financial manager. Further, the bank shall obtain copies of the IDs of those two officials (the committee chairman/secretary and the financial manger), along with copies of the IDs of the members of the board of directors (or board of trustees). Copies of the bylaws of the committee/organization shall also be submitted to the bank. Approval of the manager of compliance department for opening the account shall be sought. Additionally, SAMA shall be informed about opening such accounts.
 
-Bank accounts may be opened for annual or seasonal public welfare activities, such as festivals, celebrations and the like, whose funds are not from the state budget. In this case, the bank shall receive a formal request from the concerned official entity organizing such activity to open the bank account. Such bank account shall be opened and managed under a joint signature of the person authorized to manage the activity and the financial manager; copies of their IDs shall also be obtained. In addition, the bank shall obtain copies of the IDs of the activity committee members. Moreover, the validity period of the account shall be specified; after such period the account shall be closed. Further, approval of the manager of compliance department for opening the account shall be sought. SAMA shall be informed about opening the account.
 
-Transferring funds from such accounts to parties outside Saudi Arabia is not permitted.