Chapter 16: Closing of the Account

Effective from Sep 09 2020 - Nov 08 2020
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218.	If the account holder wishes to terminate his dealings with the DTFCs, the account holder must submit a request to close his account.
219.	The DTFCs must reject the client's request to close the account in case the account is frozen or blocked by SAMA or a Judicial Order.
220.	In the event that the account is exposed to an unresolvable problem(s) of verification, the DTFC must lock the account and return the money / balance to the source.
221.	In connection with a suspicion of customer transactions (money laundering, terrorist financing, etc.), the Financial must apply anti-money laundering and terrorist financing rules, including reporting.
222.	In case of opening, the account and the customer deposited into it and then withdraw from it and the balance became zero and continued without balance or deal for 4 years; DTFCs must send the notification of closing to account holder.
223.	DTFCs must save all documentation and notices relating to the closure of the account in the client’s file.
224.	DTFCs shall add the items related to the closure of the account within the terms of the account opening agreement or in a paper attached to the agreement.