Saudi Arabia has introduced a new policy, requiring expatriates holding Saudi passports to obtain approval from the Ministry of Interior before opening bank accounts in the Kingdom. The decision, announced by the Saudi Central Bank (SAMA), aims to strengthen security measures and ensure identity verification in financial transactions.
This move is a response to growing concerns over the integrity of the country’s banking sector and efforts to prevent fraudulent activities. The requirement affects all expatriates who have obtained Saudi nationality, often for work or residency purposes, and who now possess Saudi passports.
Under the new regulation, banks are instructed to process account applications from expatriates only after confirming that formal approval from the Ministry of Interior has been secured. The Central Bank has circulated the guidance to all financial institutions, highlighting the necessity of strict adherence to these rules.
While the policy might introduce some additional processes for applicants, authorities underscore that the measure is designed for “the protection of all stakeholders in the financial sector“. The policy reflects Saudi Arabia’s broader strategy to align its compliance framework with international best practices, especially in areas related to anti-money laundering and counter-terrorism financing.
Industry observers believe that this regulatory step will contribute to a more transparent banking environment and reinforces the Kingdom’s commitment to risk mitigation in financial operations. The Ministry of Interior is expected to handle approval requests in collaboration with SAMA and other relevant agencies.
No timeline was provided regarding the process duration for these approvals, but financial clients are advised to check directly with their banks and prepare any required identification documents in advance.
Team V.INO-LNK
