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Account Opening Agreement

Account Opening Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Account Opening Agreement

"I need an Account Opening Agreement for a Saudi Arabian corporate banking relationship that incorporates Islamic banking principles and includes provisions for multiple authorized signatories, to be implemented by March 2025."

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Document background
The Account Opening Agreement serves as the foundational document for establishing a banking relationship in Saudi Arabia, whether for individuals, corporations, or other entities. This document is essential for compliance with Saudi Central Bank (SAMA) regulations and must be executed before any banking services can commence. It encompasses crucial elements such as customer due diligence requirements, account operation parameters, digital banking services, and fee structures. The agreement must align with both conventional and Islamic banking principles where applicable, incorporate anti-money laundering provisions, and adhere to Saudi Arabian data protection laws. Financial institutions use this agreement to ensure regulatory compliance while providing clear terms for their banking services.
Suggested Sections

1. Parties: Identification of the bank and the account holder(s), including full legal names and details

2. Background: Context of the agreement and brief description of the banking relationship to be established

3. Definitions: Key terms used throughout the agreement, including banking-specific terminology

4. Account Opening Requirements: Documentation and information required for account opening as per SAMA regulations

5. Account Operation: Terms governing the operation of the account, including deposits, withdrawals, and authorized signatories

6. Electronic Banking Services: Terms for digital banking services, online access, and security measures

7. Customer Obligations: Customer responsibilities including information updates, security measures, and compliance with regulations

8. Bank's Rights and Obligations: Bank's services, responsibilities, and rights regarding account management

9. Fees and Charges: General principles regarding banking fees, charges, and commission structure

10. Privacy and Confidentiality: Terms governing data protection and information sharing in compliance with Saudi law

11. Anti-Money Laundering Compliance: Customer obligations and bank procedures regarding AML/CFT requirements

12. Account Closure: Procedures and conditions for account closure by either party

13. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction for disputes

14. Notices: Methods and requirements for official communications between parties

Optional Sections

1. Islamic Banking Provisions: Required for Shariah-compliant accounts, detailing specific Islamic banking principles and requirements

2. Joint Account Provisions: Additional terms for joint accounts, including operation and liability arrangements

3. Corporate Account Provisions: Specific terms for corporate accounts, including authorized signatories and documentation requirements

4. Minor Account Provisions: Special terms for accounts opened for minors, including guardian responsibilities

5. Foreign Currency Accounts: Additional terms for foreign currency accounts, including exchange rate provisions

6. Special Services: Terms for additional services like safe deposit boxes or premium banking services

7. Digital Banking Features: Detailed terms for specific digital banking features and services

8. Credit Facilities: Terms for any associated credit facilities or overdraft arrangements

Suggested Schedules

1. Schedule of Charges: Detailed list of all applicable fees, charges, and commissions

2. Required Documents Checklist: List of required documentation for different account types and customer categories

3. Electronic Banking Terms: Detailed terms and conditions for electronic banking services

4. Privacy Policy: Detailed privacy policy and data protection procedures

5. Account Operation Procedures: Detailed procedures for various account operations and services

6. Specimen Signatures: Format for recording authorized signatures for account operation

7. KYC Forms: Standard forms for customer due diligence and KYC information

8. SAMA Regulatory Disclosures: Mandatory disclosures required by SAMA regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Account Holder
Account Statement
Agreement
Authorized Person
Authorized Signatory
Bank
Banking Day
Banking Hours
Banking Services
Beneficial Owner
Business Day
Card
Confidential Information
Corporate Customer
Credit Balance
Current Account
Customer
Customer Information
Debit Card
Digital Banking Services
Electronic Banking
Electronic Instructions
Fees
Force Majeure
Governing Law
Individual Customer
Internet Banking
Islamic Banking Services
Joint Account
KYC
Mobile Banking
Notice
Operating Instructions
Password
Personal Data
PIN
Power of Attorney
Regulatory Authority
SAMA
Sanctions
Savings Account
Schedule of Charges
Security Credentials
Security Code
Shariah Principles
Signature
Standing Instructions
Statement Period
Terms and Conditions
Transaction
User ID
Clauses
Account Operation
Authorized Signatories
Anti-Money Laundering
Bank Charges
Confidentiality
Data Protection
Electronic Banking
Fees and Commissions
Force Majeure
Governing Law
Indemnification
Information Disclosure
Islamic Banking Compliance
Joint Account Operation
KYC Requirements
Liability
Notice Requirements
Payment Instructions
Privacy
Regulatory Compliance
Representations and Warranties
Rights and Obligations
Security Measures
Service Delivery
Set-off Rights
Shariah Compliance
Statement and Records
Termination
Third Party Rights
Variation of Terms
Relevant Industries

Banking & Financial Services

Islamic Banking

Retail Banking

Corporate Banking

Financial Technology

Professional Services

Real Estate

Manufacturing

Trading & Commerce

Healthcare

Education

Construction

Telecommunications

Oil & Gas

Government Services

Relevant Teams

Legal

Compliance

Banking Operations

Customer Service

Risk Management

Corporate Banking

Retail Banking

Islamic Banking

Know Your Customer

Anti-Money Laundering

Branch Operations

Digital Banking

Documentation

Regulatory Affairs

Relevant Roles

Legal Counsel

Compliance Officer

Banking Operations Manager

Account Manager

Customer Service Manager

Risk Manager

Corporate Banking Officer

Retail Banking Manager

Islamic Banking Specialist

KYC Officer

Anti-Money Laundering Specialist

Branch Manager

Relationship Manager

Digital Banking Manager

Legal Documentation Specialist

Regulatory Compliance Manager

Industries
Banking Control Law (Royal Decree No. M/5): Primary banking legislation in Saudi Arabia that governs banking operations and sets requirements for account opening and maintenance
SAMA Rules on Opening Bank Accounts: Detailed regulations from the Saudi Central Bank specifying requirements and procedures for opening and operating different types of bank accounts
Anti-Money Laundering Law (Royal Decree No. M/20): Establishes KYC requirements, due diligence procedures, and reporting obligations for financial institutions
Saudi Arabian Consumer Protection Law: Ensures fair treatment of consumers and transparency in banking services and fees
Personal Data Protection Law (PDPL): Regulates the collection, processing, and storage of personal data, including banking information
SAMA Consumer Protection Principles: Specific guidelines for financial institutions regarding fair treatment, disclosure, and protection of consumer interests
Commercial Courts Law: Governs commercial disputes and contractual relationships in Saudi Arabia
Saudi Arabian Monetary Authority (SAMA) Charter: Establishes SAMA's authority to regulate and supervise banking activities
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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