SAMA issues fifth update of bank accounts regulations

Saudi Arabian Monetary Authority (SAMA) has issued the fifth update to the rules and regulations of opening bank accounts in the Kingdom.

The move aims to facilitate and regulate the procedures of opening and operating the bank accounts of all clients, as part of SAMA’s efforts to raise financial inclusion and keeping up with the economic development in-light of Vision 2030.

The updated rules, which will replace the fourth update, aims to regulate the procedures of opening accounts at commercial banks, and specify the supervisory rules related to operating these accounts.

SAMA had posted the draft rules on its website to receive public opinion, which was taken into consideration upon approving the updated regulations.