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Gulf Resident - Ksa Non-Resident Non-Banking Companies

Effective from 2020-11-09 - Nov 08 2020
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113.DTFCs must comply with the following requirements before opening General Account in the name of a Gulf resident - KSA non-resident non-banking companies not resident in the Kingdom:
 
 i.Obtain a copy of the license / commercial registration issued by the governmental authority in the country of origin (residence) in the GCC countries.
 ii.Verify and identify the national identity of the owner(s) of the company (excluding listed joint stock companies) and retain the copy of such identity documents.
 iii.Obtain a copy of the Memorandum of Association and its annexes, which clearly indicate the composition of both the capital and the management of the company.
 iv.Identify and verify the identities of the members of the Board of Directors and retain the copy of such identity documents.
 v.Obtain copies of the identities and nationalities of the authorized managers.
 vi.Obtain a copy of the authorization letter issued by the board of directors authorizing persons to manage the bank account unless specified in the Memorandum of Association.
 vii.Obtain an approval of the Saudi Embassy in the Gulf country by the Company for all the above requirements.
 viii.DTFC's employee must complete the documentation through physically interviewing the client personally (authorized). The final responsibility for the customer's data lies with the DTFCs operating in the Kingdom.
 ix.After the availability of the above documents and requirements, the DTFC will fulfill and apply the KYC rules.
 x.CEO / General Manager and the Head of Compliance Department of the DTFC must approve the opening of the account relating to the Company.
 xi.Allowing the opening of accounts includes all types of Gulf companies, as well as those engaged in commercial, industrial, service, agricultural, and real estate activities.
 xii.DTFCs must NOT open accounts for Gulf resident - KSA non-resident banks, money exchangers, financial investment companies, financial institutions, independent or subsidiary investment funds, insurance companies, individual institutions and licensed shops.