Saudi marketUpdated November 4
Ministry of Commerce: accounts are for business only.
The Ministry's warning covers activity an owner may not know about: banking by an authorized representative without the owner's knowledge, for example, or deposits and transfers from unknown parties. It urges establishment owners to know and continuously monitor the contracts, agreements, transactions and transfers tied to their accounts. The Ministry says the accounts are for commercial activity only, and flags transfers to people or entities with no contractual relationship, multiple accounts without a genuine business need or clear link, and dealings with parties unrelated to the business as potentially irregular. Owners may be held accountable for violations or crimes carried out through their accounts.
Coverage started November 4
Key Actors
- Ministry of Commerce