500.2.2 Non-GCC Countries and Non-GCC, Non-Resident Government and Quasi-Government Entities, Except Hajj Missions
| No: GDBC-656810000067-1440H |
Effective from Jan 01 2024 - Dec 31 2023
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Banks operating in Saudi Arabia shall not open bank accounts for non-GCC countries and non-GCC, non-resident government and quasi-government entities, except Hajj missions, unless official approval of the Minister of Foreign Affairs is granted and communicated to the bank through SAMA. Such approval shall indicate the name of the account, sources of funds, names of signatories and how to change them. Changing the signatories requires the approval of the Ministry of Foreign Affairs unless the approval for opening the account as communicated through SAMA has clearly allowed changing such signatories by a specific person(s) or entity. The bank shall classify such accounts as of high risk.