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The bank may open clearance accounts, which are designated for those wishing to discharge their liability toward public funds. The following requirements shall be met:
1.
The account shall be named “Clearance Account for (name of the concerned entity shall be specified here)”.
2.
The account shall be valid for one year only.
3.
The account shall be monitored by the bank’s compliance officer and shall be classified as of high risk.
4.
The bank shall present to SAMA a detailed report of the account at the end of the year.
5.
Before operating the account, the bank shall coordinate with the entity requesting such account to provide SAMA with the mechanism that will be used for announcing the account creation.
6.
To withdraw funds from the account, the entity shall submit a request thereon to the bank. Such request shall be signed, and one of the signatories shall be the chairman of the entity.
7.
The bank shall obtain the necessary documents required for opening such accounts, as per the requirements of the rules for opening bank accounts and subject to the classification of the entity.
8.
The bank shall submit to SAMA all the aforementioned documents to receive its approval for opening the account.
