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7-2) Training and Qualification

No: 361000067859 Date(g): 25/2/2015 | Date(h): 7/5/1436 Status: In-Force

Translated Document

The money exchange center must:

  1. Ensure that employees have the necessary educational qualifications and thorough understanding of the work they perform.
  2. Continuously train and educate employees to enhance their knowledge and understanding of banking operations and provide them with all new policies and procedures in this field.
  3. Ensure that all employees receive basic training related to the tasks they will perform before being appointed.
  4. Train those responsible for administrative and technical work, including administrative officials, on compliance and control programs, and provide them with information on the risks associated with banking operations and their relation to serious crimes such as money laundering, terrorism financing, embezzlement, forgery, and counterfeiting on a regular basis.
  5. Provide SAMA (Banking Supervision Department) with a quarterly statement on the employees who have been trained and the courses they have attended (Appendix No. 6).