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200.2.2 GCC Nationals Not Residing in Saudi Arabia
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Status: In-Force
Bank accounts may be opened for GCC nationals who are not residing in Saudi Arabia, directly by themselves or by a Saudi or GCC citizen authorized by a power of attorney. The bank should obtain the following documents from such individuals:
1.
A copy of the valid national ID.
2.
A copy of the valid passport (if any).
3.
An employment letter from the entity for which he/she works, or from his/her personal business.
4.
A completed account opening form.
5.
A specimen signature.
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Such documents shall be obtained by the employees of the local bank directly or by the correspondent GCC bank in the GCC country where such individual resides. The GCC bank shall authenticate all documents obtained, and all deposit, withdrawal and transfer transactions shall be effected through the correspondent bank. Receiving such documents and effecting deposit, withdrawal and transfer transactions are also possible through a correspondent bank in the GCC country where the GCC citizen resides. No cash deposits by third party shall be accepted.
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No checkbook, ATM card or credit card may be given to such individual unless he/she comes to Saudi Arabia and presents to the bank adequate data proving his/her residence in Saudi Arabia. In this case, Rule (200.1.2) shall be applied to such customer, and his/her account status shall be changed.
