Saudi Arabia: corporate bank account opening
Saudi corporate account CDD: commercial-registration evidence, 25% ownership and account-opening authority.
Saudi Arabia · Banks · Saudi Central Bank (SAMA)
Corporate customers, including overseas companies · Account opening: AML/CDD review
By Matthew Lee
Registry: Commercial registration services of the Ministry of Commerce and Saudi Business Center
Obtain the company's name, legal form, proof of existence, constitution, directors and senior managers, and registered and business addresses. The Saudi registry guide explains commercial-registration information. An overseas company needs the corresponding home-country records and applicable local registration.
Owners and account operators
Article 7/2 of the AML Implementing Regulation requires identification and reasonable verification of individuals ultimately owning or controlling 25% or more of shares. If this does not identify the beneficial owner, examine other control and use the senior-managing-official fallback on the stated conditions.
Obtain shareholder records for corporate layers. Verify the person acting for the company and their authority; retain the resolution, power of attorney or mandate defining who can open and operate the account.
Decide whether to proceed
Record proposed activity and funding. Request the investment, loan or trading documents needed to substantiate the payments. Apply enhanced due diligence to higher-risk relationships and resolve sanctions findings.
Article 7/3 permits delayed verification only on its low-risk, normal-business and risk-management conditions. Article 7/8 prohibits opening where CDD cannot be completed and requires consideration of an STR; it also addresses termination of existing relationships.
Keep ownership, authority and activity information current under Article 7/6 and investigate transactions inconsistent with the recorded business.