Bank Accounts of Expatriates are now being monitored

The major changes going to happen in banking System for Expats. The Saudi Bank is asked keep a watch on the Bank accounts of Expats, primarily because of the Income & its declared sources. 

The Saudi Central Bank has issued instructions to all the banks operative in the country, to inform any mismatch in Salary or Income Declaration. The banks are asked to inform the discrepancy to the Ministry of Commerce &Industry.

Every Expat has to declare his/her source of Income

With the start of this new law, all the Expats has to declare the Monthly/Yearly earnings to their respective banks & the concerned departments, if they find any discrepancy, the expats may face Legal action against them & Govt can seize the Amount from them & the Expats can be asked to leave the country.

In last few decades, the use of Tasattur was very common among Saudi Nationals & Expatriates. In this mutual Agreement, they form a Business Entity which is in the name of any Saudi National and actually Invested & Run by an Expat. These kind of Business activity is actually giving loss to GDP of the country & millions of Dollars move outside the country as business profits of Expats. In the regarding the ministry of Labour in accordance with SAMA, came up with this kind of new law to strict various commercial activities.

Others Money in your Account may Trouble in Future

The Expatriates are also advised to not to accept & keep any amount in their account which doesn’t belong to them. Sometime people take help of each other to keep their money safe in each other bank accounts. With this new Law taking place, anybody can be in trouble, if their Declared Income mismatches with the Account Statement. 

As soon as the law comes in to implications, The Banks will be entitled to Seizure of the Extra Income/Amount in your bank Account. So this is advised to not to accept money from anybody else & keep it in account.