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Article Six: Offering Savings Products to Non-Residents
No: 45059688
Date(g): 25/3/2024 | Date(h): 16/9/1445
Status: In-Force
Effective from Jan 31 2025 - Jan 30 2025 To view other versions open the versions tab on the right
1.
Without prejudice to the provisions of the Anti-Money Laundering Law and the Counter-Terrorism Financing Law and their executive 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 client’s country of residence, where applicable, such as obtaining a license from the relevant authorities in the client’s country of residence, as well as adhering to personal data protection laws, tax evasion laws, and other related regulations.
Establishing limits and methods for withdrawals, deposits, and redemption of the deposit amount in accordance with the client’s risk level.
1.4
Offering these products exclusively in Saudi Riyals.
1.5
Ensuring that the agreement with the client is of a fixed term, with the bank or client having the right to terminate it after notifying the other party with sufficient notice through agreed-upon reliable communication methods. Upon termination of the agreement or its expiration without mutual agreement on renewal, the bank must "transfer the deposit amount to a current account."
1.6
Obtaining written consent from the Central Bank 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 banking account regulations that mandate the closure of the resident client's current account upon their final departure from the Kingdom, the client is permitted to keep the available funds in the bank by utilizing savings products, provided that this is based on the client's request, whether before their departure from the Kingdom or after their departure and the closure of the current account.
