Bank account opening is limited
According to the financial news report, the central bank issued a circular addressed to the banking system, and issued instructions regarding the requirements for opening and maintaining Riyal deposit accounts and issuing payment cards in credit institutions.
The central bank has emphasized in the circular that at the present time there are important challenges in the field of opening and maintaining bank deposit accounts and payment cards, which include the lack of requirement to have genuine knowledge of the opening of the deposit account and its use by the lawyer. The requirement to use methods such as sending SMS and receiving ID verification when opening a deposit account and also when providing services related to the deposit account to high-risk individuals, the inflation of the number of bank deposit accounts and payment cards due to several reasons such as making provision of all banking services to He pointed out the opening of deposit accounts and some abuses of joint deposit accounts.
In the instructions, it has been tried to take appropriate measures to solve the problems and challenges identified in this regard, the most important of which are:
Prohibition of requiring the customer to open a new deposit account, except in cases where the provision of banking services and operations, such as providing facilities for issuing checkbooks, issuing payment cards, issuing various types of bank checks and interbank checks, check payment and electronic funds transfers, which are provided to the customer by the institution Credit is not available to him without opening and maintaining a deposit account with the same credit institution.
Regulating and clarifying the rulings on joint deposit accounts, including the entry and exit of partners;
Explaining the limits and conditions of opening a deposit account by proxy;
Prohibition of opening a group deposit account by legal entities;
Limiting the number of deposit accounts at the level of the banking network in such a way that the opening and maintenance of more than 30 Riyal deposit accounts including Qarz Al-Hosna deposit accounts, savings, current Qarz Al-Hosna deposit and regular short-term investment deposits individually or jointly in all credit institutions for each customer is prohibited.
Limiting the number of payment cards in such a way that each credit institution is only allowed to assign one payment card to each customer’s deposit account.
Explaining the process of closing and deactivating excess deposit accounts and excess payment cards;
banning the transaction of unregistered deposit accounts in the tourist system;
Prohibition of transactions of payment cards not registered in the Mana system.