Account Opening Rules

The Communication Policy and Procedures Shall Be Implemented in Accordance with the Customer Classification and Legal Nature, as a Minimum, as Follows - Resident natural persons, including Saudis, GCC nationals, expatriates and politically exposed persons residing in Saudi Arabia. - Non-resident natural persons, including Saudis, GCC nationals and foreigners not residing in Saudi Arabia, including those who leave Saudi Arabia and still have balances in their accounts. - Resident juristic persons. - Non-resident juristic persons. - Commercial banks, including international accounts. - Correspondent banks. - Accounts of government entities. 5.4.2 Methods of Contact Banks shall communicate with and try to reach customers, without disclosing any financial data, in all time periods specified by all possible legal means, for example: - SMS. - Email. - Available phone numbers. - Official letter sent by the mail to customers inside and outside Saudi Arabia. - On-site visits by the bank relation staff. - Messages on bank statements showing the account status and the actions required from the customer. - Available public search tools and official information centers that help reaching customers by providing banks with the customer new contact numbers not registered with the bank, or informing banks of the customer status if alive, left Saudi Arabia, or if his/her business and financial activity was terminated. - Media awareness advertisements explaining the relevant regulations, the actions required from dormant account holders, and balance search procedures. - Inquiries to competent official authorities. - Banks shall communicate with customers using the above mentioned methods during the different phases of inoperative accounts at intervals. Therefore, customers shall be contacted, at least, two times during each phase. If the customer is not responding and cannot be reached, banks shall stop communication a year after each stage and document the methods of contact used. 5.4.3 Bank Communication Unit Banks shall establish a unit (formally established or defined) to implement the communication policy effectively. The tasks of the unit shall include implementing communication procedures and documentation, taking all related responsibilities and preparing periodic reports on communication and the results thereof.