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The company must not overlook the professional aspects of the employee, refined through experience and training, which can assist in identifying and assessing the customer's risk level.
(2)
The company must ensure that the national ID and/or residency and/or commercial registration and/or freelancer certificate is linked to only one electronic wallet.
(3)
The company must verify that the ownership of the phone number registered in the electronic wallet belongs to the same user (i.e., matching name and customer data) through a trusted entity.
(4)
The company must apply the verification controls for fintech customers issued by SAMA, as well as related instructions on combating financial fraud, including those related to electronic wallets.
(5)
The company must use an automated monitoring system to detect and mitigate internal and external fraud operations, ensuring its comprehensiveness for financial and non-financial operations, and the system's ability to take immediate actions in the event of any financial fraud against the company.
(6)
The company must periodically evaluate fraud prevention assumptions and establish measurement indicators to ensure their effectiveness, assess fraud risks, and implement necessary precautionary controls to mitigate them.
(7)
The Compliance Department must have timely access to customer identification data, other due diligence information on customers, transaction records, and other relevant data.
