RIYADH: Gulf Cooperation Council countries have approved an executive plan that facilitates the requirements to open investment accounts.
The heads of the countries’ capital market authorities also activated the Know Your Customer model — a process by which banks periodically obtain personal and financial information of customers for a greater understanding of their financial position.
The decisions were taken during the 25th meeting of the Ministerial Committee for Financial Markets in the GCC countries, held virtually, Saudi Press Agency reported.
The meeting discussed a number of topics, the foremost of which is the adoption of the regulatory framework for the inter-registration of financial products between the financial market regulators in the GCC countries.
The meeting also reviewed the findings of the work team of those responsible for training in the financial market regulators in the GCC countries regarding activating the knowledge portal for the Gulf financial markets to benefit from it in a better way.
