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Bank Account Agreement

Bank Account Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Bank Account Agreement

"I need a Bank Account Agreement for a corporate Islamic banking account that includes comprehensive digital banking provisions and will be used for a Saudi-based technology company with international operations, planned to launch in March 2025."

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Document background
The Bank Account Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Saudi Arabia. This agreement is essential for establishing and maintaining bank accounts in compliance with Saudi Arabian Monetary Authority (SAMA) regulations and Islamic banking principles. It is used when opening new accounts, whether for individuals, corporations, or joint account holders, and covers crucial aspects such as account operation, fees, digital banking services, and security measures. The document must align with Saudi Arabia's Banking Control Law, Anti-Money Laundering regulations, and Consumer Protection Principles, while ensuring Sharia compliance. The agreement is particularly important in the context of Saudi Arabia's evolving financial sector and the kingdom's Vision 2030 initiative, which emphasizes digital transformation and financial inclusion.
Suggested Sections

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

2. Background: Brief context explaining the purpose of the agreement and the banking relationship

3. Definitions: Detailed definitions of terms used throughout the agreement

4. Account Opening and Operation: Terms and conditions for opening and operating the account, including required documentation

5. Islamic Banking Compliance: Declaration of Sharia compliance and relevant principles governing the account

6. Customer Obligations: Customer responsibilities including providing accurate information and maintaining minimum balances

7. Bank's Rights and Obligations: Bank's duties, services provided, and rights regarding account management

8. Fees and Charges: Structure and application of banking fees, charges, and commission

9. Account Statements and Communications: Provisions regarding account statements, notifications, and communication methods

10. Security and Access: Security measures, access procedures, and protection of account information

11. Anti-Money Laundering Compliance: Customer due diligence requirements and compliance with AML regulations

12. Termination: Conditions and procedures for account closure or termination of the agreement

13. Governing Law and Jurisdiction: Application of Saudi Arabian law and jurisdiction for disputes

14. Force Majeure: Circumstances beyond control affecting agreement performance

Optional Sections

1. Joint Account Provisions: Additional terms for joint accounts, used when account has multiple holders

2. Digital Banking Services: Terms for online and mobile banking services, included if electronic access is provided

3. Corporate Account Provisions: Special terms for corporate accounts, used for business customers

4. Minor Account Provisions: Special provisions for accounts held by or for minors

5. Foreign Currency Accounts: Additional terms for foreign currency accounts

6. Overdraft Facility: Terms for overdraft services, if offered

7. Zakat Deduction: Terms regarding Zakat calculation and deduction for applicable accounts

8. Special Category Accounts: Provisions for special categories like government employees or pensioners

Suggested Schedules

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

2. Required Documentation: List of required documents for different account types and customer categories

3. Digital Banking Security Protocols: Detailed security procedures and requirements for digital banking services

4. Product-Specific Terms: Specific terms and conditions for different account products

5. Profit Calculation Methods: Explanation of profit calculation methods for Islamic banking products

6. Authorized Signatory List: Format and requirements for authorized signatories

7. Privacy Policy: Detailed privacy and data protection policies

8. Complaint Resolution Procedures: Detailed procedures for handling customer complaints and disputes

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions
















































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Relevant Industries

Banking and Financial Services

Financial Technology

Islamic Banking

Retail Banking

Corporate Banking

Investment Services

Professional Services

Government and Public Sector

Legal Services

Compliance and Regulatory

Relevant Teams

Legal

Compliance

Banking Operations

Customer Service

Risk Management

Sharia Advisory

Product Development

Digital Banking

Branch Operations

Corporate Banking

Retail Banking

Documentation

Regulatory Affairs

Relevant Roles

Legal Counsel

Compliance Officer

Banking Operations Manager

Account Manager

Customer Service Manager

Risk Manager

Sharia Compliance Officer

Product Development Manager

Digital Banking Manager

Branch Manager

Corporate Banking Officer

Retail Banking Officer

Legal Documentation Specialist

Regulatory Affairs Director

Chief Compliance Officer

Head of Banking Operations

Industries








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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