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Bank Accounts of Expatriates are under Strict Monitoring – SAMA


All of the banks operating in the Kingdom of Saudi Arabia will soon be starting the monitoring process of all of the accounts belonging to expatriate workers who have any deposits which are not in accordance to their income sources which are known or declared. In accordance to the new instructions issued by the SAMA or Saudi Arabian Monetary Agency, all of the banks will be obligated to inform the Ministry of Commerce and Industry about any deposits which do not match or exceed the salaries and / or any other source of income which the account holder has.

All sources of income must be completely declared to the banks and other relevant authorities. Those who fail to do so can face serious legal consequences which might end up in the authorities seizing the undeclared income or even end up in deportation in extreme cases. The new measure by SAMA has come in line with the efforts put in by the Ministry of Labor to try and limit some of the commercial activities being carried out by expatriates, which is more commonly known as tasattur. All of the relevant data of each individual will be provided to the concerned authorities and the Ministry of Commerce via a direct electronic link up with all of the semi government or government authorities through the national information center of the Ministry of Interior.

Subsequently there will also be coordination on an advanced level with those authorities which are issuing the licenses for business as well as the visas for manpower. The owners of the establishments will be asked to present the certificate of Saudization which is issued from the Labor Ministry, before they can get their business licenses renewed.

The Ministry of Labor and the Ministry of Interior will be continuing to work towards the SaudizatIon of the commercial occupations and activities which have a viable financial return and will also attract the people. The Ministry of Commerce and Industry will be conducting three separate studies in order to limit the control of expatriates on some of the commercial activities. The first will be to study the system for commercial register system, commercial inventories and also suggesting amendments in limiting tasattur. The second study by the Ministry of Commerce and Industry will involve various methods and ways of taking the assistance of the private sector in the monitoring process of the commercial activities.

The third study will be aimed at merging the technical services in the unified entities in coordination with the Ministry of Labor and the Ministry of Municipal and Rural Affairs. This will also enable the provision of various services by the use of telephone. This will also be later implanted in all the remaining commercial activities in the retail sector. The Ministries in the Kingdom of Saudi Arabia are working day and night in order to ensure that the resources of the country are managed and any loophole is not taken advantage of by expatriates by any means.


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