Prior to arranging a contract with a third party for Agent Banking, the Bank must carry out a ‘fit and proper’ assessment. The assessment is aimed at ensuring that the Agent, its proprietors, and persons involved in the management of the Agent Banking business are sufficiently competent, ‘fit and proper' and that the management structures and funding sources are adequate. The key components of Fit and Proper Assessment, at a minimum, must take into consideration the following:
a.
The moral, business and professional suitability of the entities to be contracted as Agents;
b.
Negative information obtained from a credit bureau or other credible sources;
c.
Criminal records, especially in relation to issues of ML/TF, fraud, or integrity;
d.
Business or work experience;
e.
Sources of funds necessary to finance the establishment of the Agent Banking business; and
f.
Any other information that may negatively or positively affect the prospective Agent.
2.
Any Agent, its proprietors, partners, officers or any other individuals that has/have been vetted and approved by SAMA within the previous 12 months may be exempted from vetting under this Regulation.
