Account Opening Rules

Juristic Persons All banks must: - Freeze all accounts of juristic entities after (90) days from the expiration date of the respective authorization to practice their activity, unless the customer provides an official document - valid for (90) days - from the responsible authority for issuing the authorization, proving that it is being renewed. If the authorization is a commercial register, the bank shall freeze the account immediately upon the suspension of the commercial registration*. - Freeze all accounts of juristic persons and organizations whose documents of opening their accounts do not contain a validity date, such as the accounts of charity and welfare societies or organizations, government accounts and licensed schools and the like upon the lapse of five years from the date of opening the account or the date of last update to the account until the account data is updated. - Freeze the relationship with correspondent banks upon the end of the period specified in Rule (4) and until all requirements of KYC and AML/CFT are fulfilled. - Monitor the ID validity of the directors and authorized signatories of juristic person accounts and freeze and suspend their powers to operate the account only, depending if they are Saudis or non-Saudis, until the renewal of IDs. This shall also be applicable to sole proprietorship owners. * This paragraph has been amended according to the circular No. (472010505), Dated 16/02/1447H, corresponding to 10/08/2025G .