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400.4 Rules for Opening Bank Accounts for Foreign Financial Institutions Qualified to Invest in Securities Listed in the Saudi Stock Exchange
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Status: In-Force
Banks may open bank accounts for this category after the following is met:
1.
An application is submitted by a person authorized by CMA or a qualified foreign investor in accordance with the Rules for Qualified Foreign Financial Institutions Investment in Listed Securities issued by CMA, in which it is specified that the account is for investment in the securities listed in the Saudi Stock Exchange.
2.
Obtaining a copy of the foreign investor’s license or commercial register issued by a competent authority in the state of origin, where applicable.
3.
Obtaining a copy of the foreign investor’s business license to practice the activity in the country of origin issued by a supervising body (CMA or SAMA counterpart), where applicable.
4.
Obtaining a copy of the articles of association and its annexes and/or memorandum of association and its annexes, where applicable.
5.
Real beneficiaries holding ultimate control shall be identified and verified (as a minimum, a natural owner holding 25% as specified in the memorandum of association and its annexes or according to the available data).
6.
Identifying the control and ownership structure.
7.
Obtaining a list of names and copies of ID cards of the legal entity managers and the persons authorized to sign on behalf of the foreign investor regarding account transactions.
8.
Obtaining an authorization from the foreign investor’s board specifying the persons authorized to sign on his/her behalf regarding account transactions, where applicable.
9.
Completing the KYC principle and AML/CFT form (prepared by SAMA).
10.
Obtaining a declaration from the foreign investor and/or authorized person to provide the Saudi supervisory authorities with any information at any time upon request, in accordance with relevant laws and regulations.
11.
A copy of the notice issued by the person authorized to confirm acceptance of the investor as a qualified customer.
12.
Approval of the bank’s senior management to open the account for the foreign investor.
13.
The account shall not provide any kind of services (checks, ATM cards, etc.).
14.
Cash withdrawals and deposits shall not be accepted.
15.
Banks may open accounts only for licensed foreign investors or foreign founders (where applicable) whose countries apply strong measures to identify customers and cooperate in combating money laundering and terrorist financing. Amounts transferred to accounts in Saudi Arabia’s banks must come from a foreign investor’s account in a country applying such measures (to be specified in the account opening agreement if possible) and be transferred again to the same account. Applications submitted by foreign investors whose countries never (or insufficiently) apply the FATF Recommendations, or some decisions have been issued against them by the Security Council, shall not be accepted.
