The Fund Release Form is a crucial document used in Saudi Arabian financial transactions when an account holder needs to authorize the release of funds from their account. This document is essential for ensuring compliance with Saudi Arabian banking regulations, including those set by the Saudi Central Bank (SAMA), and must adhere to Islamic banking principles. The form is typically required for significant withdrawals, third-party transfers, or when special authorization is needed for fund disbursement. It contains detailed information about the parties involved, the amount to be released, purpose of the release, and necessary declarations for regulatory compliance. The document serves multiple purposes: it provides clear authorization for the financial institution, creates an audit trail for compliance purposes, and protects both the institution and account holder by clearly documenting the transaction details and conditions.
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1. Header Information: Document title, date, reference number, and bank/institution details
2. Account Holder Information: Complete details of the account holder including full name, account number, ID/Iqama number, and contact information
3. Fund Release Details: Specific amount to be released, currency, and purpose of the release
4. Authorization Statement: Clear statement authorizing the release of funds, including any conditions that must be met
5. Compliance Declaration: Statement confirming the legitimate source of funds and compliance with anti-money laundering regulations
6. Shariah Compliance Statement: Declaration that the fund release complies with Islamic banking principles
7. Execution Requirements: Signature requirements, witnessing details, and any authentication needs
8. Bank Instructions: Specific instructions for the bank regarding the method and timing of fund release
1. Third Party Authorization: Required when someone other than the account holder is authorized to receive or manage the funds
2. Multiple Currency Declaration: Needed when the fund release involves multiple currencies or currency conversion
3. Special Instructions: Used when there are specific conditions or instructions for the release of funds
4. Corporate Authorization: Required when the account holder is a corporate entity, including board resolutions or power of attorney
5. International Transfer Details: Required for international fund transfers, including additional compliance requirements
6. Staged Release Instructions: Used when funds are to be released in multiple stages or installments
1. Schedule A - Identity Documentation: Copies of required identification documents, including ID/Iqama and any additional verification documents
2. Schedule B - Supporting Documents: Any additional documents supporting the purpose of the fund release (contracts, invoices, etc.)
3. Schedule C - Authorization Evidence: Documents proving authorization (power of attorney, board resolutions, etc.) if applicable
4. Schedule D - Compliance Certificates: Relevant compliance certificates or clearances required by Saudi regulations
5. Appendix 1 - Bank Details: Complete banking information including account details, SWIFT codes, and routing information
6. Appendix 2 - Terms and Conditions: Standard terms and conditions applicable to the fund release as per bank requirements
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Islamic Banking
Corporate Services
Real Estate
Construction
Manufacturing
Import/Export
Retail
Professional Services
Government and Public Sector
Healthcare
Education
Non-profit Organizations
Investment Services
Insurance
Relevant Teams
Legal
Compliance
Finance
Treasury
Operations
Risk Management
Customer Service
Internal Audit
Islamic Banking
Corporate Banking
Retail Banking
Documentation
Relevant Roles
Bank Manager
Compliance Officer
Financial Controller
Treasury Manager
Account Manager
Legal Counsel
Corporate Secretary
Finance Director
Chief Financial Officer
Banking Operations Manager
Risk Manager
Shariah Compliance Officer
Internal Auditor
Transaction Banking Officer
Customer Service Manager
Branch Manager
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