News

Like many modern economies, bank-account confidentiality is the rule in Saudi Arabia. In other words, the default position is strict confidentiality of bank information and financial dealings. Financial institutions (i.e banks, capital market institutions, e-Wallets, etc…) and regulated market intermediaries are typically expected to protect client information, and refrain from disclosure except where the law clearly permits it. For example, Banks and Capital Market Institutions must keep confidential the information they obtain from clients and may not disclose it except in limited situations.

It is clearly understood that confidentiality is well guarded but not absolute. Disclosure of bank account, require a lawful basis. In other words, despite its strength, bank secrecy is not a blanket shield. Saudi regulations recognize that disclosure may be required to support law enforcement, adjudication, and the enforcement of rights-but the trigger is not “any reason.” The disclosure must be tied to a competent authority request and pursued through a recognized legal channel.

A particularly important operational rule is reflected in Saudi Central Bank (SAMA) Rulebook materials: disclosure of and enforcement against bank balances/accounts (including blocking and compulsory deduction) is generally carried out by an order from SAMA upon the request of competent authorities, and the procedures are treated as strictly confidential.

In the capital markets context, disclosure is also expressly permitted when required by the regulator or adjudicative bodies, or for Anti-Money Laundering and Counter-Terrorism Financing  (AML/CTF) purposes, or with client consent, or where reasonably necessary to perform a service.

Most common contexts where courts/competent authorities may access bank account and relevant details are:

1. Court order, and enforcement proceedings (asset discovery and seizure)

When a debtor does not voluntarily comply with an enforceable instrument, the enforcement process can involve identifying assets and enforcing against them, including bank balances, accounts, shares and securities (through the official channels and controls, under relevant supervising authority). SAMA’s rulebook framework contemplates disclosure and enforcement on bank accounts/balances and defines enforcement measures such as blocking and compulsory deduction.

Separately, Ministry of Justice practice also reflects that enforcement courts may apply coercive measures (e.g., travel restrictions in specific contexts) to compel disclosure of a company’s financial position in execution matters.

2. Estates and inheritance

In estate administration and inheritance disputes, account information may be essential to identify and quantify the estate. However, Saudi banking rules set a high bar: the SAMA Rulebook states that heirs (or their representative) are prohibited from receiving statements or account movement for periods preceding the date of death unless SAMA informs the bank of the issuance of a judicial order requiring so.

3. AML/CTF and financial-crime investigations

Financial-crime investigations often require bank-account tracing, locally or internationally. In the securities/market-intermediary context, the CMA framework explicitly allows client-information disclosure (where applicable) based on requests from competent bodies, including the General Department of Financial Investigations for AML/CTF purposes.

4. Securities disputes and quasi-judicial committees

In the capital markets ecosystem, bodies competent to decide securities disputes may require bank-related information relevant to the dispute, and the CMA regulations expressly include disclosure to such bodies within the permitted exceptions.

5. Client consent and necessity to perform certain services

Information may be disclosed if the account holder gives clear written consent, and such information may be shared on need-to-know basis and for legitimate purposes.

In limited cases, information may also be disclosed where this is reasonably necessary to perform a specific service requested by the client, as recognised under the Capital Market Institutions Regulations.

Key Takeaways:

Bank secrecy in Saudi Arabia is a fundamental principle, but it yields where justice require it-through tightly defined exceptions and competent-authority processes. In practice, access must be anchored to a legitimate legal purpose (litigation/enforcement/investigation) and follow the required channel, most often including regulated routing through SAMA for bank disclosure/enforcement requests. This balance preserves both financial privacy and the effectiveness of the legal system, ensuring that secrecy does not become a tool for evading lawful accountability.