Document background
The Operating Agreement For Bank Account is a fundamental document required for establishing and maintaining banking relationships in Saudi Arabia. This agreement serves as the primary contractual framework between financial institutions and their customers, whether individuals or corporations, operating under Saudi Arabian law and SAMA regulations. It is essential when opening new bank accounts or updating existing account arrangements to ensure compliance with current banking regulations, anti-money laundering requirements, and Shariah principles. The document incorporates critical elements such as operational guidelines, authority structures, compliance requirements, and service terms, while addressing both traditional and electronic banking services. It must align with the Banking Control Law, SAMA directives, and Islamic banking principles that govern the Saudi Arabian banking sector.
