Entire Section | SAMA Rulebook

4. Updating Account Data
Customer identification must be established at the outset of relationship. As a measure of control, banks must require all their customers to update the database of their accounts with the bank according to the cases and the periods provided in these Rules. The updating process must include the customer ID, personal information, national address, financial information including personal information of the customer’s authorized representatives/agents and information of the beneficiary of legal persons. Banks shall establish permanent procedures and policies for the updating process which shall be carried out as follows:

4.1 Updating the Customer’s ID

a. Updating official identification cards and documents by type/duration.

-	Identification cards and documents that are valid for less than five years shall be updated upon expiration, such as commercial register or license.
-	Identification cards and documents that are valid for more than five years shall be updated every 5 years or upon expiration, whichever comes first.
-	Accounts opened under official approvals or letters, such as accounts of government entities, embassies and the like and international organizations and the like, or under open-term licenses and registrations, such as accounts of private associations, foundations and schools, shall be updated every 5 years maximum.

b. Updating identity information online:

-	Banks, at their discretion, may update identity information online for customers*.
-	Incompetent persons or the like shall not be allowed to use this service.
-	Banks shall check the validity of and document the identification documents by using documents, data or information obtained from reliable and independent sources.

a.	Banks may update the customer information in any of the following cases:
-	The customer information is outdated (the period specified has ended), or there is a change in the customer information, for example, a change in the commercial entity’s board of directors;
-	The customer's behavior in executing financial transactions on the account has changed.
-	The bank performs due diligence in case of ML/FT risks.
b.	Banks shall understand that official identification documents and approvals can be used to update account approvals; however, using such documents only is not sufficient to update the customer information.
c.	Accounts of correspondent banks shall be updated every three years maximum.
d.	Banks may accept updating the information of the customer via electronic banking services (e.g. online or phone banking) for those subscribing to such services, provided that the identification information is verified and documented using documents, data or information obtained from reliable and independent sources*.