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300.2.8 Payment Card Companies Not Residing in Saudi Arabia and Not GCC Affiliated
No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 |
Effective from Jan 01 2024 - Dec 31 2023
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Banks are not permitted to open accounts for such companies. However, after obtaining approval of the CEO/general director and the manager of compliance department to open a bank account and informing SAMA when opening such account, the bank may hold intermediary accounts in Saudi riyals for these companies to enable them to pay the value of customer purchases to the merchants in Saudi Arabia. Banks should also obtain authenticated licenses or registration documents from these companies in order to be able to identify them.