Based on the definition it is "approved" -- ""Officially agree to or accept as satisfactory." ...in this case "agree to" rather than "accept as satisfactory". (Having two possible meanings for one verb leaves some room for ambiguity but that ambiguity should go away if the object in the statement is a "legal agreement." I don't see an activity or context to handle legal agreement yet but maybe that is a forthcoming profile.
"acknowledged" ("Recognize the fact or importance or quality of something. ") seems to be just about recognizing that something exists, not agreeing to comply with it.
This question does raise some additional questions for me about KSA context...