The Foreign Direct Deposit Enrollment Form is a essential banking document used in Saudi Arabia when establishing regular international payment arrangements. This form is particularly relevant for organizations employing foreign workers, companies engaged in regular international transactions, or individuals requiring recurring overseas payments. The document must comply with Saudi Arabian Monetary Authority (SAMA) regulations, including anti-money laundering requirements and foreign exchange controls. It captures crucial information such as beneficiary bank details, transaction specifications, and compliance declarations, while incorporating necessary authorizations for international fund transfers. The form serves as a formal record of the arrangement between the account holder and the bank, establishing the terms under which international direct deposits will be processed.
Foreign Direct Deposit Enrolment Form for Saudi Arabia
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Key Requirements PROMPT example:
Foreign Direct Deposit Enrolment Form
"I need a Foreign Direct Deposit Enrollment Form compliant with Saudi Arabian regulations for our company's new UK office, to set up monthly salary payments in GBP for approximately 50 expatriate employees starting March 2025."
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1. Account Holder Information: Personal/business details of the account holder including full legal name, address, contact information, and identification details as per SAMA requirements
2. Foreign Bank Account Details: Complete information about the foreign bank account including bank name, branch, SWIFT code, IBAN, account number, and account currency
3. Transaction Details: Specification of transfer types, frequency of deposits, and expected transaction amounts
4. Compliance Declarations: Mandatory declarations regarding source of funds, purpose of transfers, and compliance with Saudi Arabian banking regulations
5. Authorization: Legal authorization for the bank to process international transfers and perform necessary currency conversions
1. Intermediary Bank Information: Details of any intermediary bank, required when direct transfer to the beneficiary bank is not possible
2. Additional Account Holder Details: For business accounts, includes additional business registration and ownership information
3. Standing Instructions: Optional section for setting up recurring transfer instructions
4. Tax Information: Additional tax-related information required for specific countries or transaction types
5. Purpose of Transfer Codes: Specific transfer purpose codes as required for certain jurisdictions
1. Schedule A - Required Documentation Checklist: List of required supporting documents to be submitted with the form
2. Schedule B - Fee Schedule: Detailed breakdown of applicable fees for international transfers and services
3. Schedule C - Terms and Conditions: Complete terms and conditions governing the direct deposit service
4. Appendix 1 - Country-Specific Requirements: Additional requirements specific to particular countries or regions
5. Appendix 2 - SAMA Compliance Declaration: Standard declaration form required by Saudi Arabian Monetary Authority
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