Account Opening Rules

Rules for Non-Profit Sector, Hajj and Umrah Entities, and Public Entities The bank may open accounts for non-profit sector, Hajj and Umrah entities, and public entities upon fulfilling the requirements set forth for each activity as outlined below. Only residents in Saudi Arabia are allowed to operate the accounts of these licensed entities, with the exception of individuals authorized to operate Hajj and Umrah accounts as per Rule (300.1.5.1) . Copies of the IDs of such persons must be obtained for account opening. 300.1.5.1 Hajj, Umrah and Visiting the Prophet’s Mosque in Madinah This rule has been amended according to the circular No. (46032385), Dated 29/05/1446H, corresponding to 30/11/2024G . • Pilgrim affairs offices: a. Requirements for opening a bank account: 1. Bank accounts shall be opened in Saudi riyal only. 2. The Hajj organizer shall present to the bank a letter from the Saudi Ministry of Hajj and Umrah approving opening a bank account for the pilgrim affairs office and including the office’s information as follows: ■ The official name of the pilgrim affairs office. ■ Names of the persons authorized to sign for the account (joint signature), provided that they shall be members of the pilgrim affairs office or shall be officials in the embassy of the country of such office. ■ The position of each account signatory and his/her information as per his/her passport. ■ The bank account shall be limited to Hajj purposes only. ■ The office’s bank account number in its home country or in the country designated by the Saudi Ministry of Hajj and Umrah, and the name of the bank transferring the money, which the office deals with in its home country or in the country designated by the Saudi Ministry of Hajj and Umrah, shall also be stated. 3. The bank shall conclude an account opening agreement with the authorized signatories specified in the letter of the Ministry of Hajj and Umrah, addressed to the bank. 4. The account signatories shall determine, in Saudi riyal, the approximate total amount that their respective office will transfer for Hajj purposes. 5. Upon meeting the above requirements by the bank, the bank’s compliance department shall submit an application to SAMA along with all necessary documents to obtain SAMA approval for opening the bank account. 6. The bank shall ensure that such accounts are subject to dual control. 7. The bank shall provide the pilgrim affairs office and the Saudi Ministry of Hajj and Umrah with the IBAN number of the office’s bank account. 8. If the requirements for opening a bank account are not met, the bank branch manager must inform the applicant of the necessary requirements for opening a bank account. Such process shall be documented in a special file designed for this purpose in the bank branch. In addition, measures taken in this regard shall be reported to the compliance department at the head office of the bank on the same day. 9. If the requirements for opening a bank account are met, the documents shall be submitted on the same day to the compliance department at the bank’s head office. Consequently, the compliance department, in turn, shall submit such documents to SAMA on the same day or at the beginning of the following working day, at the most. 10. The pilgrim affairs office may open multiple accounts, provided that these accounts are opened in the same bank only - with an explanation of the account's purpose -, The office may not open other accounts in other banks. If the office requests to transfer its accounts from one bank to another, it shall provide compelling justifications that are not related to meeting the requirements. Approval of the Ministry Hajj and Umrah and SAMA for that matter shall be secured. b. Requirements for account operation and management: 1. The account shall be operated under a new approval letter from the Saudi Ministry of Hajj and Umrah to the bank on the account operation. The letter should specify the operation period, which should be from the