300.1.6.5 Rules for International Multilateral Organizations
| No: GDBC-656810000067-1440H |
Effective from Jan 01 2024 - Dec 31 2023
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• The Muslim World League and its affiliated councils and organizations:
• The Muslim World League (MWL):
Banks accounts may be opened for the Muslim World League (MWL) as follows:
I. Main account:
a. Requirements for opening main account:
| 1. | The bank shall receive a letter from the Secretary General or Vice Secretary General of the MWL, requesting opening of the account. The letter shall define the purpose of the account, provided that the persons authorized to operate it under a joint signature are the Secretary General or Vice Secretary General of the MWL and the chief financial officer (principal signatory). | |
| 2. | The bank shall obtain a copy of the MWL Saudi Arabia Headquarters Agreement and the appended protocol. | |
| 3. | The bank shall obtain a copy of the decision to form the MWL board of directors, appoint its executives and determine their powers. | |
| 4. | The bank shall obtain copies of the IDs of the Secretary General of the MWL, Vice Secretary General, chief financial officer and board members. Such copies shall be attested by the MWL. | |
| 5. | Only one main account shall be opened under the entity’s name as stated in its Headquarters Agreement for deposit, withdrawal and transfer. | |
| 6. | Approval of the manager of compliance department at the bank for opening the account. | |
| 7. | Telephone banking and e-banking services shall be limited to balance inquiry and transfer from sub-accounts to the main account only. | |
| 8. | SAMA shall be informed when the account is opened. |
b. Deposit controls:
| 1. | Deposited cash amounts to the MWL main account and sub-accounts from MWL official staff may be accepted. | |
| 2. | The bank may accept cash deposits, checks and transfers to the main account and sub-accounts from non-official staff of MWL or MWL branches inside Saudi Arabia only if they are gift, subsidy or endowment and not donation. | |
| 3. | Amounts incoming to the MWL main account or sub-accounts from outside Saudi Arabia clearly stating their purpose as gifts, subsidy or donation may be accepted. Such amounts shall not be deposited in the MWL accounts unless after the MWL submits to the bank the approval of the competent authority in Saudi Arabia to deposit the amounts, whether they are, for example, transfers or checks under collection. |
c. Withdrawal controls:
Disbursement from the main account shall be limited only to checks or transfers to entities inside or outside Saudi Arabia. Transactions (remittance, issuance of checks, etc.) made to outside Saudi Arabia shall be only for the purpose of managing the MWL or implementing its programs or projects.
d. Balance investment:
The MWL may open accounts to invest its excess funds in activities that have financial return to help achieving its objectives.
II. Sub-accounts for MWL branches and its various activities:
| - | Sub-accounts of or linked to the MWL main account for the same purposes of the branches or the activities of the MWL shall be opened after meeting and providing the following conditions and documents: | ||
| 1. | A letter from the MWL Chairman or the Vice Chairman to the bank to open the sub-account specifying the purpose and persons authorized to manage the account. | ||
| 2. | A copy of the official approval from the competent authority in Saudi Arabia to open a MWL branch or practice sub-activity. | ||
| 3. | Copies of the authorized signatories IDs attested by the MWL. | ||
| 4. | The MWL Chairman or the Vice Chairman may authorize members from the MWL staff to manage the account as the authorization shall be limited to making transfers from the sub-accounts to the main account. | ||
| - | Documents required to open and update the main account shall be sufficient for sub-accounts as they are nested under the main account. | ||
• Institutions and organizations affiliated with the MWL, including the International Organization for Relief, Welfare and Development:
Bank accounts may be opened for such entities as follows:
I. Main account:
a. Requirements for opening a main account:
| 1. | A letter from the Chairman of the MWL affiliated entity to the bank requesting opening a main account or maintaining and updating the existing account specifying the purpose of the account, provided that the persons authorized to manage the account under a joint signature are the Chairman or the Vice Chairman of the entity and the chief financial officer (principal signatory). | |
| 2. | A copy of the MWL Saudi Arabia Headquarters Agreement and the appended protocol. | |
| 3. | A copy of the decision to form the Board of Directors of the entity and the appointment of its officials and their powers. | |
| 4. | A copy of the by-law and procedures of the entity. | |
| 5. | Copies of the IDs of the Chairman, Vice Chairman, Chief Financial Officer and the board members attested by the entity. | |
| 6. | One main account only shall be opened under the entity’s name as stated in the license for deposit, withdrawal and transfer. | |
| 7. | Approval of the manager of compliance department at the bank for opening the account. | |
| 8. | Telephone banking and e-banking services shall be limited to balance inquiry and transfer from sub-accounts to the main account only. | |
| 9. | SAMA shall be informed when the account is opened. |
b. Deposit controls:
| 1. | Deposited cash amounts to the entity’s main account and sub-accounts from MWL official staff may be accepted. | |
| 2. | The bank may accept cash deposits, checks and transfers to the main account and sub-accounts from non-official staff of the entity or its branches inside Saudi Arabia only if they are gift, subsidy or endowment and not donation. | |
| 3. | Amounts incoming to the entity main account or sub-accounts from outside Saudi Arabia clearly stating their purpose as gifts, subsidy or donation may be accepted. Such amounts shall not be deposited in the entity accounts unless after entity submits to the bank the approval of the competent authority in Saudi Arabia to deposit the amounts, whether they are, for example, transfers or checks under collection. |
c. Withdrawal controls:
Disbursement from the main account shall be limited only to checks or transfers to entities inside or outside Saudi Arabia. Transactions (remittance, issuance of checks, etc.) made to outside Saudi Arabia shall be only for the purpose of managing the MWL or implementing its programs or projects.
d. Balance investment:
The entity may open accounts to invest its excess funds in activities that have financial return to help achieving its objectives.
II. Sub-accounts for the branches of the institution or organization and their various activities:
| - | Sub-accounts of or linked to the entity’s main account for the same purposes of the branches or the activities of the entity shall be opened after meeting the following conditions and documents: | ||
| 1. | A letter from the entity’s Chairman or the Vice Chairman to the bank to open the sub-account specifying the purpose and persons authorized to manage the account. | ||
| 2. | A copy of the official approval from the competent authority in Saudi Arabia to open a branch of the entity or practice sub-activity. | ||
| 3. | The entity’s Chairman or the Vice Chairman may authorize members from the entity staff to manage the account as the authorization shall be limited to making transfers from the sub-accounts to the main account. | ||
| 4. | Copies of the authorized signatories IDs attested by the entity. | ||
| - | Documents required to open and update the main account shall be sufficient for sub-accounts as they are nested under the main account. | ||
• World Assembly of Muslim Youth (WAMY):
Bank accounts shall be opened for the WAMY upon fulfilling the following conditions and procedures:
I. Main account:
a. Requirements for opening a bank account:
| 1. | A letter from the president of the WAMY affiliated entity to the bank requesting opening a main account or maintaining and updating the existing account specifying the purpose of the account and that the persons authorized to manage the account are the Chairman or Secretary General with joint signature and the Chief Financial Officer with main signature. | |
| 2. | A copy of the WAMY Saudi Arabia Headquarters Agreement. | |
| 3. | A copy of the protocol appended to the WAMY Headquarters Agreement. | |
| 4. | A copy of the decision to form WAMY Board of Trustees and the appointment of its officials and their powers. | |
| 5. | A copy of the by-law and procedures of WAMY. | |
| 6. | The authorized persons must fulfil the account opening agreement (contract) determining the purpose of the account, the sources of income and the real beneficiaries. | |
| 7. | Copies of the IDs of the Chairman, Secretary General, Chief Financial Officer and the members of the Board of Trustees attested by the entity. | |
| 8. | One main account only shall be opened under WAMY’s name as stated in Headquarters Agreement for deposit, withdrawal and transfer. The account shall be opened at the bank head office or main branch in the region. | |
| 9. | Approval of the CEO/general director and the manager of compliance department of the bank to open the account or to maintain and update the existing account. | |
| 10. | Telephone banking and e-banking services shall be limited to balance inquiry and transfer from sub-accounts to the main account only. | |
| 11. | SAMA must be informed when the account is opened. |
b. Deposit controls:
| 1. | Deposited cash amounts to WAMY’s main account and sub-accounts from WAMY official staff may be accepted. | |
| 2. | The bank may accept cash deposits, checks and transfers to the main account and sub-accounts from non-official staff of WAMY or WAMY branches inside Saudi Arabia only if they are gift or subsidy. | |
| 3. | Deposits or transfers for donation incoming to the bank from inside Saudi Arabia shall not be accepted. | |
| 4. | Amounts incoming to the WAMY’s main account or sub-accounts from outside Saudi Arabia clearly stating their purpose as gifts, subsidy or donation may be accepted. Amounts received by the bank to be transferred to other banks operating inside or outside Saudi Arabia may also be accepted. Such amounts shall not be deposited in the WAMY’s accounts or transferred to other banks unless after the WAMY submits to the bank the approval of the competent authority in Saudi Arabia to deposit the amounts, whether they are, for example, transfers or checks under collection. |
c. Withdrawal controls:
Disbursement from the main account shall be limited only to checks or transfers to entities inside or outside Saudi Arabia through the main account or by the remittance membership linked to the main account for transfers.
d. Balance investment:
WAMY may open accounts to invest its excess funds in activities that have financial return to help achieving its objectives.
II. Sub-accounts for WAMY branches and their various activities:
| Sub-accounts of or linked to WAMY’s main account for the same purposes of the branches or the activities of WAMY shall be opened after meeting and providing the following conditions and documents: | ||
| 1. | A copy of the official approval from the competent authority in Saudi Arabia to open a branch of WAMY or practice sub-activity. | |
| 2. | A letter from WAMY Chairman or Secretary General to the bank to open the sub-account specifying the purpose and persons authorized to manage the account. | |
| 3. | WAMY Chairman or Secretary General may authorize members from WAMY staff to manage the account as the authorization shall be limited to making transfers from the sub-accounts to the main account. | |
| 4. | Copies of the authorized signatories IDs attested by WAMY. | |
| 5. | Documents required to open and update the main account shall be sufficient for sub-accounts as they are nested under the main account. | |
• Islamic Development Bank (IsDB):
| Current bank accounts shall be opened for IsDB upon fulfilling the following conditions and procedures: | ||
| 1. | Request to open the account by a letter from the President or Vice President of the bank. | |
| 2. | A copy of the bank Saudi Headquarters Agreement (permission). | |
| 3. | Signature shall be joint. | |
| 4. | Copies of the IDs of the authorized persons, the bank President or Vice President according to the request submitted. | |
| 5. | Check books may be provided to the bank and its employees to cover the administrative expenses. The bank accounts are not required to be correspondent. | |
| 6. | A copy of the procedures of money laundry and terrorist financing applied in the bank. | |
• Organisation of Islamic Cooperation (OIC) and its affiliated entities:
Bank accounts shall be opened for OIC upon fulfilling the following conditions and procedures:
| 1. | Obtain a request to open the account from OIC Secretary-General or Vice Secretary-General specifying the names and functions of the persons authorized to open and manage the account of OIC or the affiliated entity. | |
| 2. | A copy of the OIC Saudi Arabia Headquarters Agreement (or any other document for this purpose). | |
| 3. | Signature shall be joint. | |
| 4. | Copies of the IDs of the authorized persons, OIC Chairman or Vice-Chairman according to the request submitted. | |
| 5. | OIC may transfer money related to its programs or projects to accounts outside Saudi Arabia. |
• Permanent Mission of the Russian Federation to the Organisation of Islamic Cooperation:
| Bank accounts shall be opened for the Mission after meeting and providing the following conditions and documents: | ||
| 1. | Submit a request approved by OIC to open an account in SAR or other currency to the bank in which the account is to be opened. | |
| 2. | A certified copy of the approval of opening the Mission Office in Saudi Arabia stating the purpose of the Mission to OIC. | |
| 3. | A letter from the Chairman of the Mission approved by the OIC specifying the person or persons authorized to manage the account. | |
| 4. | Copies of the diplomatic cards or residence cards (Iqama) of the authorized persons to open and manage the account according to the identity card issued to them in Saudi Arabia. | |
| 5. | The Mission may only receive and transfer money related to its purposes and programs. | |
• Arab Red Crescent and Red Cross Organization (ARCO):
| Bank accounts shall be opened for ARCO upon fulfilling the following conditions and procedures: | ||
| 1. | Obtain a request to open the account from the Secretary-General or Vice Secretary-General of ARCO, office or program in Saudi Arabia. | |
| 2. | A copy of ARCO Saudi Headquarters Agreement (permission). | |
| 3. | Signature shall be joint. | |
| 4. | Copies of the IDs of the persons authorized to manage the account, in addition to the ID of the Chairman or Vice-Chairman of ARCO, office or program according to the request submitted. | |
| 5. | Approval of the CEO/general director and the manager of compliance department to open the account. | |
| 6. | SAMA must be informed when the account is opened. | |
| 7. | OIC may transfer money related to its programs or projects to accounts outside Saudi Arabia. | |
• Other international multilateral organizations and funds:
| Bank accounts shall be opened according to the following conditions for international multilateral organizations and funds of a political, developmental or service nature, such as the United Nations, the Islamic World Conference, the World Bank and its affiliates, the International Monetary Fund and its affiliates, the Gulf Cooperation Council, the Arab League and Arab satellite broadcasters: | ||
| 1. | Obtain a request to open the account from the Chairman, Deputy or Vice-Chairman. | |
| 2. | A copy of ARCO Saudi Headquarters Agreement (permission). | |
| 3. | Signature shall be joint. | |
| 4. | Copies of the IDs of the organization/fund Chairman, Deputy or Vice-Chairman according to the request submitted. | |
• Personal accounts of staff of such organizations:
The bank shall not require SAMA approval for opening accounts for the permanent staff of such organizations as the conditions and procedures stated in Rule (200-1) shall be applicable. However, conditions stated in Rule (300-1-6) shall be applicable to diplomats.