Amendment of Rule No. (6-6-1-300) of the Account Opening Rules
| No: 42060703 | Date(g): 7/4/2021 | Date(h): 25/8/1442 | Status: In-Force |
Translated Document
Effective from 2021-04-07 - Apr 06 2021
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In Reference to Rule (300-1-6-6) concerning the Bank Accounts of Relief Committees and Campaigns, as stated in the Account Opening Rules, communicated through SAMA Circular No. (65681/67), dated 01/11/1440H.
I would like to inform you of the modification of the requirements of the above-mentioned rule to align with the attached wording, so that its scope includes the accounts of the King Salman Humanitarian Aid and Relief Center for the purpose of managing its humanitarian campaigns.
300.1.6.6 Bank Accounts of Relief Committees and Campaigns:
| Bank accounts shall be opened for designated relief campaigns and committees, as well as for the King Salman Humanitarian Aid and Relief Center "the Center", for the purposes of managing its operations and humanitarian relief campaigns abroad as follows: | |
| 1. | A copy of the approval from His Majesty the King for the establishment of the designated fundraising committee/campaign, and the approval of SAMA to open one main account under the name of the committee or campaign, after determining the persons authorized for the account (joint signatures) and providing copies of their IDs and specimen signatures. If the account is to be opened for the Center, a letter must be obtained from the General Supervisor of the Center addressed to the bank, determining the persons authorized to manage the account (at least two persons) with joint signatures, and providing copies of their IDs and specimen signatures. The request must specify that the sources of the account’s funds do not include amounts from the state budget or the Center’s budget. |
| 2. | Authorized persons in the center, or in the relief committees and campaigns are permitted to open sub-accounts linked to the main account for the purposes of collecting donations and conducting relief activities. |
| 3. | The bank accounts of the center for the purposes of employee salaries, operational expenses, or its humanitarian activities, which are funded by the state’s general budget or the center’s budget, shall be separated from the accounts of the center that are funded from sources other than the state’s budget or the center’s budget. The instructions outlined in Rule (500-1-1) regarding the opening and management of government entity accounts shall be applied to the center's accounts that are funded by the state’s budget or the center’s budget. |
| 4. | Deposits into such accounts may be accepted through all means, including cash, checks, or local transfers. The center is also permitted to accept electronic donations through electronic payment gateways via different methods, including credit cards (both domestically and internationally). |
| 5. | ATM or credit cards shall not be issued for such accounts. |
| 6. | Money transfer to accounts outside Saudi Arabia or receiving transfers from there shall not be accepted after obtaining approval from SAMA, except for the Center's accounts, to which this paragraph does not apply. |