Account Opening Rules

Bank Accounts to Invest the Funds of Persons Covered by the Law of the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts (Wilayah) Bank accounts for these entities shall be opened after fulfilling the following requirements: 1. The bank shall receive a letter from SAMA, requesting the opening of a specific bank account for investing funds of those covered under Wilayah’s law (unknown persons, minors, mentally ill persons, etc). 2. The concerned division at Wilayah shall provide the bank with the names of persons authorized to operate the account under a joint signature, copies of their IDs and their specimen signatures. Further, the bank shall also ensure that the account opening agreement is completed and signed by such persons. 500.2 Bank Accounts of Countries and Non-Saudi and Non-Resident Government Entities 500.2.1 GCC Countries and GCC Government and Quasi-Government Entities The bank may open accounts for GCC government and quasi-government entities. The following requirements shall be met: 1. The bank shall obtain a copy of the ministerial resolution issued by the GCC country, requesting opening of a bank account. 2. The concerned GCC entity shall send a letter to its Saudi counterpart, the Saudi Ministry of Finance or the Saudi Ministry of Foreign Affairs, requesting opening of a bank account. 3. The bank shall obtain copies of the IDs of persons authorized to sign jointly for the account. 4. The bank shall obtain the signatories’ specimen signatures. 5. The bank shall receive SAMA’s approval for opening the bank account.