Saudi Arabia’s Central Bank Halts Opening of New Bank Accounts Online
Updated on 13 April 2022: Saudi Central Bank (SAMA) lifts temporary precautionary measures to protect bank clients from fraud
SAMA Halts Bank Account Opening Online; New Accounts Only Through Branches
Saudi Arabia’s central bank (SAMA) instructs all banks to halt opening new accounts through online platforms until further notice, local media reported.
The new instructions, which take effect on Sunday, April 10, halt opening accounts online for individuals and institutions as part of new anti-fraud procedures.
The central bank advises banks and other financial institutions to only open new accounts at their branches, so bank employees can check the ID of the person who wants to open an account.
Furthermore, expatriates will be no longer able to add new beneficiaries online. Instead, they will require to visit a branch or a self-service machine.
SAMA’s new measures also limit the maximum allowed amount of money transfer online to SR 60,000.
The central bank has advised banks to take preventive measures to protect their customers from financial theft. The move is in accordance with the Saudi Central Bank Law, which aims to promote the banking sector’s stability while also increasing client confidence.