Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
500.1.3 Bank Accounts to Invest the Funds of Persons Covered by the Law of the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts (Wilayah)
No: GDBC-656810000067-1440H
Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
Bank accounts for these entities shall be opened after fulfilling the following requirements:
1.
The bank shall receive a letter from SAMA, requesting the opening of a specific bank account for investing funds of those covered under Wilayah’s law (unknown persons, minors, mentally ill persons, etc).
2.
The concerned division at Wilayah shall provide the bank with the names of persons authorized to operate the account under a joint signature, copies of their IDs and their specimen signatures. Further, the bank shall also ensure that the account opening agreement is completed and signed by such persons.
