Bank accounts shall be opened for GCC companies for business and credit purposes according to the following conditions and requirements:
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| 1. | A copy of the license/commercial register issued by the government authority in the GCC country of residence.
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| 2. | Submitting a request to open a bank account stating the business purpose of the account which should conform to the purposes of the company according to the memorandum of association and license.
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| 3. | Verifying the national ID(s) of the owner(s) of the GCC establishment (excluding listed joint stock companies).
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| 4. | The memorandum of association and its annexes which clearly indicate the composition of both the capital and the establishment’s management and that the ownership of GCC citizens (natural or juristic) exceeds 50% of the company's capital.
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| 5. | Verifying the IDs of the members of the board of directors, provided that the majority of members shall be GCC citizens or from GCC establishments.
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| 6. | Copies of IDs of the authorized managers and their nationalities.
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| 7. | A copy of the authorization issued by the board of directors authorizing persons to manage the bank account unless specified in the memorandum of association.
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| 8. | The person authorized to manage the bank account shall be a GCC citizen. If the purpose of the account is to receive facilities from a bank licensed to operate in Saudi Arabia, the person authorized may be a non-GCC individual working in the company and residing in the company's country.
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| 9. | Approval of the Saudi embassy in the company’s GCC country for all the above requirements.
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| 10. | The above documents shall be completed by the bank's employees directly by interviewing the clients personally (authorized persons) or by a national GCC correspondent bank residing in the country of the company. The correspondent bank shall verify that copies provided for all the required documents, even documents certified by the Saudi embassy, are true copies of the original documents. Deposit, withdrawal and transfer shall be carried out by the correspondent bank. Documents may be completed by a correspondent bank residing in the GCC country of the company that is one of the Saudi bank partners in capital and technical management or by the branches of Saudi banks in the GCC country. The final responsibility for the customer data shall rest with the bank operating in Saudi Arabia.
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| 11. | Once the above documents are provided and the requirements satisfied, the bank shall apply the KYC principle.
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| 12. | Approval of the CEO/general director and the manager of compliance department to open the account.
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| 13. | The permission to open accounts includes all GCC companies and those carrying out commercial, industrial, service, agricultural and real estate businesses.
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| 14. | Banks, money changers (other than correspondent accounts), investment companies, financial institutions, independent or affiliated investment funds, insurance companies, sole proprietorships and licensed shops are prohibited from opening bank accounts.
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