Article Six: Offering Savings Products to Non-Residents in the Kingdom
| No: 450596880000 | Date(g): 24/3/2024 | Date(h): 15/9/1445 | Status: In-Force |
Translated Document
Effective from 2024-03-24 - Jan 30 2025
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| 1. | Without prejudice to the provisions of the Anti-Money Laundering Law and the The Anti-Terrorism and Financing of Terrorism Law and their Implementing regulations, it is permissible to offer savings products to non-residents in the Kingdom, provided that the bank adheres to the following minimum requirements: | ||
| 1.1 | Compliance with the laws of the customer’s country of residence -where applicable- such as obtaining a license from the relevant authorities in the customer’s country of residence, as well as adhering to personal data protection laws, tax evasion laws, and other related regulations. | ||
| 1.2 | Implementation of enhanced due diligence measures, which may include relying on a third party in accordance with the Requirements for "Reliance on Third Parties" as outlined in the Anti-Money Laundering and Counter-Terrorism Financing Guide. | ||
| 1.3 | Establishing limits and methods for withdrawals, deposits, and redemption of the deposit amount in accordance with the customer’s risk level. | ||
| 1.4 | Offering these products exclusively in Saudi Riyals. | ||
| 1.5 | The agreement with the client must be for a specified duration, allowing either the bank or the client to terminate it after providing sufficient notice to the other party through mutually agreed reliable communication methods. Upon termination of the agreement or its expiration without a renewal agreement, the bank must transfer the deposit amount to a current account specified by the client in advance. | ||
| 1.6 | Obtaining written no-objection letter from SAMA before offering the product, including a request detailing the target percentage of total savings products and time deposits held by the bank. | ||
| 2. | Without prejudice to the requirements of Rules for Bank Accounts that mandate the closure of the resident customer's current account upon their final departure from the Kingdom, the customer is permitted to keep the available funds in the bank by utilizing savings products, provided that this is based on the customer's request, whether before their departure from the Kingdom or after their departure and the closure of the current account. | ||