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400.2 Rules for Opening Intermediary Investment Accounts

No: GDBC-656810000067-1440H

Effective from Jan 01 2024 - Dec 31 2023
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-A bank offering among its investment products and services pooled accounts managed by professional intermediaries or lawyers (such as mutual funds, cash funds, deposit funds, etc.) shall obtain from the intermediary ID documents of beneficiaries of the account where there are sub-accounts for each real beneficiary. The bank shall also ensure that the intermediary is subject to the same regulatory requirements applicable to banks pertaining to AML/CFT and KYC principle.
 
-Banks must obtain copies of the intermediary’s licenses to practice business attested by the correspondent bank or the Saudi Embassy.
 
-Approval of the CEO/general director and the manager of compliance department to open the account.
 
-SAMA must be informed when the account is opened.