300.1.6.6 Bank Accounts of Relief Committees and Campaigns
No: GDBC-656810000067-1440H
Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
Bank accounts shall be opened for relief committees and campaigns according to the following controls:
1.
Issuance of approval or permission of His Majesty the King to establish such committee or allow the relief campaign to raise money.
2.
Approval of SAMA to open one main account under the name of the committee or campaign after determining the persons authorized to manage the account and providing their personal data and copies of their IDs and specimen signatures.
3.
Authorized persons in the committee or campaign may request to open sub-accounts linked to the main account.
4.
Consolidate the accounts of each committee or campaign at the bank in a one main account. Operational sub-accounts may be opened under the main account.
5.
Deposit in such accounts may be accepted only in cash or by checks or local transfers.
6.
Disbursement from the main account shall be limited only to checks issued to the first beneficiary inside Saudi Arabia.
7.
ATM or credit cards shall not be issued for such accounts.
8.
Money transfer to accounts outside Saudi Arabia shall not be carried out unless SAMA prior approval is obtained.
9.
Withdrawals or transfers from sub-accounts shall not be made, except to the main account.
10.
Such accounts shall only be operated upon joint signatures of two authorized persons after the provision of personal data and copies of their IDs and signatures.
