3. Rules for Remote Opening of Bank Accounts for Natural Persons
| No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 | Status: In-Force |
Effective from Jan 01 2024 - Jul 02 2019
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This rule has been amended according to the circular No. (42009017), Dated 18/02/1442H, corresponding to 05/10/2020G.
| 1. | Opening bank accounts remotely for customers with existing accounts in the same bank is not allowed. | |
| 2. | The service is provided for individual citizens (national ID holders) and residents (Iqama holders). | |
| 3. | The bank is responsible for verifying the identity of customers by using documents, data or information acquired from a reliable and independent source. | |
| 4. | Risks associated with such accounts shall be assessed, policies and procedures for mitigating the associated risks shall be established periodically, and preventive measures to mitigate risks commensurate with the risk assessment results shall be developed and implemented. | |
| 5. | The bank must set a clear and secure mechanism to activate the ATM card used for the bank account. | |
| 6. | Documents and requirements referred to in Paragraph (2) above must be submitted and fulfilled by the customer, except the following: | |
| ■ | An original copy of the ID of the natural or juristic customer. | |
| ■ | A specimen signature (personal signature, thumbprint, or personal stamp) that the customer will use for his/her transactions with the bank. | |