In reference to the telegram from His Excellency the Minister of Finance No. 1/S/9430 dated 23/10/1427H, attached herewith a copy of the royal decree No. 7513/MB dated 21/10/1427H, approving the recommendation of the specialized committee of the Saudi National Authority for Relief and Charitable Work Abroad regarding the request from the General Secretariat of the Arab Organization for the Red Crescent and Red Cross to enable it to carry out money transfer operations abroad. The decree includes the recommendation to treat the Arab Organization for the Red Crescent and Red Cross in the matter of carrying out money transfer operations abroad in accordance with the practices applied to the accounts of international organizations and other non-charitable political entities operating in the Kingdom based on the supreme directive communicated by the telegram from His Royal Highness the President of the Royal Court of the Council of Ministers No. 32739/B dated 19/7/1427H.

And with reference to paragraph 300-1-6-5 of the rules for opening bank accounts and the general operational rules communicated to banks under Circular No. 12164/BCI/185 dated 4/6/1424H concerning multilateral international organizations.

We inform you that in accordance with the gracious directive mentioned above, SAMA has updated the requirements of this paragraph, including setting specific requirements for opening and managing the accounts of the Arab Red Crescent and International Red Cross organization, as follows:

The bank is permitted to open accounts in Saudi Riyals and foreign currencies for this organization, provided that the following conditions and procedures are met:

1. Obtaining an account opening request from the president or vice president of the organization, office, or program in the Kingdom.
2. The image of the Headquarters Agreement (the authorization) for its presence in the Kingdom.
3. The signature must be joint.
4. The provision of copies of identification for those authorized to manage the account, as well as the identification of the head of the organization, program, office, or the vice president as per the submitted request.
5.  SAMA approval for opening the account.

Thus, the paragraph is in line with the directive regarding allowing transfers outside the Kingdom and treating them according to the practices followed in the accounts of international organizations and other non-charitable political entities operating in the Kingdom. This paragraph will be included in the future update of the rules for opening bank accounts and the general rules for their operation (the second), which are intended to be circulated soon.