Jeddah — All banks in Saudi Arabia will halt opening new accounts for clients through online platforms “until further notice” as per the latest instructions from the Saudi Central Bank (SAMA), Saudi Gazette, learned from well-informed sources.
The latest instructions will come into effect from Sunday, April 10. The instruction includes opening accounts for individuals and institutions as part of new measures to tackle fraud.
SAMA told the banks and financial institutions to open new accounts only at their branches. The new instruction allows bank employees to verify the person’s identity when opening a bank account.
According to the new instructions, non-Saudi clients cannot add money transfer beneficiaries online. They have to do it in person.
The new measures also limit online transfer amounts. The allowed amount of money transferred online is SR60,000. Transfer time for domestic wires will be two hours, and 24 hours for international wires.
SAMA has asked all banks operating in the Kingdom to implement preventive measures to protect clients from financial fraud. Under the Saudi Central Bank Law, the move supports the banking sector’s stability and customer confidence.