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  • Introduction of a New Paragraph within the Rule No. (300-1-5-3) of the Account Opening Rules

    No: 450651330000 Date(g): 22/4/2024 | Date(h): 14/10/1445Status: In-Force

    Translated Document

    In Reference to rule No. (300.1.5.3) included in the Account Opening Rules, and notified by SAMA Circular No. (65681/67) dated 01/11/1440H, which includes the requirements for opening and managing bank accounts for Private Foundations.

    I inform you of the amendment to the rule mentioned above by introducing a sub-rule that regulates the opening and management of bank accounts for civil society organizations established pursuant to royal orders, as per the attached format wording.

    For your information and action accordingly as of this date. SAMA also emphasizes the importance of adhering to the instructions communicated according to Circular No. (45034076) dated 26/05/1445H regarding The Requirement for Obtaining the Approval of the Ministry of Human Resources and Social Development to Open Bank Accounts, Transfer or Issue Checks Outside the Kingdom Shall not Apply to the King Faisal Foundation.

    • New Rule within Rule No. (300.1.5.3) Concerning the Requirements for Opening and Managing Bank Accounts for Private Foundations

      • Civil Society Organizations established pursuant to royal orders:
         
      Bank accounts may be opened for Civil Society Organizations established pursuant to royal orders as follows:
       
      1.A copy of the approval from His Majesty the King for the establishment of the civil society organization.
       
      2.A copy of the articles of association of the organization.
       
      3.A copy of the decision of forming the members of trustee board and verifying the identity of the members.
       
      4.Copies of the IDs of individuals authorized to manage and operate the bank account, with verification of their authorization by identifying them in a decision by the Board of Trustees. The signature should be joint for two officials, unless the organization's articles of association state otherwise. 
       
      5.Any transactions (e.g. remittance, collection of checks, etc.) outside Saudi Arabia may be made after verifying that these transactions align with the activity or main purpose for which the organization was established, as per its articles of association. 
       
      6.No transactions (e.g. remittance, collection of checks, etc.) outside Saudi Arabia shall be made for an organization if it is evident that the transaction does not align with its activity or main purpose under its articles of association, except for transferring money for the purpose of managing the organization’s activities. For example, remittance for paying fees of consulting services or of participation in external symposiums, conferences and the like may be made after obtaining approval from the National Center for Non-Profit Sector.