1. Verifying the identity of the company by using documents, data or information acquired from a reliable and independent source as follows: The commercial register and the license obtained from the Ministry of Investment (MISA), the name and legal form of the company, the powers that regulate and govern its work, the capital, the owners and the ownership percentage of each one, and the members of the board of directors/executives. 

2. The service shall only be provided to the general director of the company whose name and powers are stated in the company’s memorandum of association, including the opening and managing of bank accounts. Additionally, the identity of the general director shall be verified by using documents, data or information acquired from a reliable and independent source.

 3. As an exception to Chapter 4 requirements concerning the operation of bank accounts, the authorized general director may operate the account with the passport, provided that the Iqama is presented after (90) days from the account opening date. 

4. Risks associated with such accounts shall be assessed, policies and procedures for mitigating the associated risks shall be established and reviewed periodically, and preventive risk mitigation measures commensurate with the assessment results shall be developed and implemented.