Account Opening Rules

Abandoned Accounts Accounts shall be considered abandoned after completing the periods specified in this paragraph from the date of classifying the accounts as unclaimed, and the banks becoming unable to reach the customer after observing the account movements and his/her other transactions with the bank and using all methods of contact according to the communication policies and procedures provided in the Rules. The periods of such accounts shall be as follows: - Unclaimed for a period of ten years (total of 15 years as of the last transaction) for current accounts, saving accounts, investment deposits, balances of deceased persons and credit amounts in credit cards. - Unclaimed for a period of five years (total of ten years as of the last transaction) for bank transfers, safe deposit boxes, retained earnings, unpaid amounts and profits due to customers on their investments, shares; bonds and title deeds of properties pledged against banking facilities that are fully paid by their owners, but they do not contact the bank to regain their ownership, amounts held against letters of guarantee and letters of credit as of their expiry date, leasing finance settlement accounts, prepaid services accounts, and other amounts due to customers and the accruals related thereof Requirements for dealing with abandoned accounts: - Banks shall change the account status to abandoned within the month following the completion of the periods specified. - Such accounts shall be under direct supervision of an authorized official from the bank senior management. 5.3 General Requirements For inoperative accounts: a. Account commissions and profits shall continue to be calculated as agreed upon or at market rates. b. Accounts shall be checked and classified and the procedures stipulated in the Rules thereon shall be taken according to the periods specified for each. c. Copies of documents and records of all the amounts and dues shall be kept as per the regulatory period of record-keeping. d. Detailed records of accounts shall be kept. Such records must include, as a minimum, the following: - Customer full name as shown in the identification document. - Customer ID number as shown in bank records. - Amount of assets and time periods related thereto. - Nature of customer assets (current accounts, investment deposits, remittances, etc.). - The national address, residence address and contact numbers, if any. - Bank account number, relationship number or the serial number in safe records, if any. - Ownership certificate numbers, if any or relevant. - Any other data about the customer, if available or necessary. e. Personal and financial data shall be kept by the bank in electronic records according to the technical specifications set by SAMA for easy future reference. A copy of such data shall be submitted to SAMA. f. Provisions containing the periods and procedures for freezing accounts and other funds mentioned in these Rules shall be added to contracts, agreements, account opening forms signed by customers, as well as account statements sent to customers. g. The role of the compliance department shall be supervisory at all phases and periods stated to ensure the fulfillment of the requirements of such accounts. In addition, rights shall be returned by the bank operation department. 5.4 Communication Policy and Procedures for Inoperative Account Holders