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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: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
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.
