SAMA Approves 'Visitor ID' for New Bank Account Openings

 The Saudi Central Bank (SAMA) announced its approval of the use of a "Visitor ID" for opening bank accounts in the Kingdom of Saudi Arabia, subject to banks' established account opening rules.
 According to a press release issued by the SAMA today, the “Visitor ID,” issued by the Ministry of Interior, serves as an official identification document for visitors to the Kingdom and can be verified through authorized digital platforms.
 This decision enables banks to open accounts for new consumer segments and enhances the visitor experience during their stay in the Kingdom.
 The release added that SAMA clarified that this update forms part of its periodic regulatory review to keep pace with industry developments. The changes aim to facilitate procedures for opening and operating bank accounts, thereby promoting financial inclusion and supporting digital transformation initiatives in banking services today.