The Saudi Central Bank (SAMA) announced the approval of the "Visitor ID" document for opening bank accounts at banks operating in the Kingdom, as part of the updated bank account rules.
The Saudi Ministry of Interior issues this ID as official proof of identity for visitors to the Kingdom, and its validity and compliance with the relevant regulatory requirements can be verified through approved technical platforms, according to a press release published on the Saudi Central Bank website.
The Saudi Central Bank's directive to approve the Visitor ID enables banks to open bank accounts for new segments of customers and improves visitors' experience of the banking services provided to them during their stay in the Kingdom.
SAMA's update of the bank account rules is part of a series of periodic updates to these rules, in order to keep pace with regulatory developments, facilitate the procedures for opening and operating bank accounts and promote financial inclusion, as well as support digital transformation initiatives in banking services and improve the customer experience.
To view the post on the Saudi Central Bank website, click here.
