Saudi Arabia: Bankruptcy Officials Can Access Bank Statements
Saudi Arabia’s Monetary Agency has issued a Decision to local banks informing them officials responsible for investigating bankruptcy should be given access to check bank accounts under the Bankruptcy Law and its Implementing Regulations. The Decision was issued after a request from the Justice Ministry to fulfil the requests made by courts responsible for considering bankruptcy cases. The Decision says banks should adhere to the law and should allow officials to obtain the details and follow the necessary procedures related to bank accounts of indebted individuals such as bank statements and enquiries related to their accounts.