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2.5.4 Funds transfers

No: BCT/15631 Date(g): 2/5/2012 | Date(h): 11/6/1433 Status: In-Force
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If the prepaid payment service allows the primary cardholder to transfer money to a bank account in the Kingdom of Saudi Arabia or abroad, the issuer must conduct the following precautionary measures:

  1. Obtain adequate levels of information about the beneficiary bank; and
  2. Assess whether the beneficiary bank’s anti-money laundering controls and risk management procedures are adequate; and
  3. Screen the beneficiary's bank account against available AML/CFT negative files.
  4. Consider all the relevant rules relating to remittances and follow Customer Due Diligence (CDD) processes with individual customers and with receiving banks (correspondent banks).