500.1.2 Rules for Opening Bank Accounts for Government Entities to Receive Donations for their Own Account
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Status: In-Force
Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
The bank may open Saudi Riyal accounts for government entities to receive gifts and donations for their own account. The following requirements shall be met:
1.
The request to open a bank account shall be submitted by the concerned minister or his/her delegate. Such request shall indicate that the purpose of opening the account is to receive donations for the government entity.
2.
Two signatories shall be determined by the concerned minister, in addition to the financial controller in the government entity. The bank shall obtain IDs copies and specimen signatures of such authorized persons. Those copies shall be attested as true copies of the original by both the government entity and the bank. Changing the signatories or financial controller requires sending a letter from the concerned minister to the bank where the account is opened.
3.
Deposit in the account shall be by checks only. The name of the payee shall be the government entity, and such checks shall be presented for deposit through the signatories.
4.
A checkbook shall be requested by an official letter signed by those authorized to withdraw funds.
5.
Withdrawal from the account shall be made only by checks signed jointly by the authorized signatories and the financial controller.
