SAMA amends requirements to open bank accounts for e-commerce firms

The Saudi Arabian Monetary Authority (SAMA) has amended requirements to open bank accounts in a move aimed at speeding up the process, the regulatory authority said in a statement.

The new amendment will ease the procedure of opening bank accounts for e-commerce businesses by removing the requirement of various licenses, the statement said.

In addition, the new amendment will set one working day to open bank accounts that doesn’t require approvals, and two working days for the ones that require approvals.

Banks also should ensure that the accounts are used only for the purposes it was opened for and in accordance with the licensed activity.

For e-commerce businesses which doesn’t have headquarters, the new amendment states that the name of the account should reflect on the trade license and indicate the purpose.

The bank should double check the e-platform through the concerned entities of the Ministry of commerce and investment, and to get the national address of the company or its owner.