Book traversal links for ٣٠٠-٢-٧/ شركات التأمين والصيارفة غير المقيمين
300.2.7 Non-Resident Insurance Companies and Money Changers
No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 | Status: In-Force |
Saudi banks may not open bank accounts for such juristic entities except in the following cases after obtaining approval of the CEO/general director and the manager of compliance department to open the account and informing SAMA when opening the account:
• A non-resident insurance company with an agreement with a Saudi bank to offer insurance products:
Such company may only open an escrow account in Saudi riyal and other foreign currencies with the partner bank to facilitate its business under the agreement.
• A non-resident money changer:
It may only open a correspondent account after providing the documents related to practicing (banking activities) currency exchange activities as specified in Rule (300.2.5).