Section Seven: Agent Registration
Article 29: Agent Registry
1. SAMA will establish an electronic agent registry to which Banks are required to submit information on every Agent operating on their behalf. The agent registry must include, as a minimum, the following:
a. Start date of business relationship as set out in the contract;
b. Agent name and business name;
c. Business address;
d. Geographic coordinates of business location;
e. Contact numbers;
f. Agent’s core business and number of years in operation; and
g. Agent banking contract.
2. Banks may not engage in Agent Banking unless they have registered the required information in the agent registry. Any Banks or Agents engaging in Agent Banking without registering in the agent registry will be subject to any actions or penalties that SAMA may take or impose in this regard.
3. Banks must be responsible for keeping the registry up-to-date.
4. In case of any changes in the Agent’s information (e.g. telephone number), Banks must update data in the registry within ten (10) business days of the date of such change made by the Agent.
Article 30: Annual Reporting
The Bank shall submit an overall report on its Agent Banking business annually to its board. The Bank’s board shall, in its turn, submit to SAMA an approved report that includes, as a minimum, the following information:
a. Nature, value, volume and geographical distribution of operations or transactions;
b. Cases of money laundering and terrorism financing;
c. Incidents of fraud, theft or robbery;
d. Results of the monitoring visits carried out by the Bank; and
e. Customer complaints, their nature and number, and the remedial measures taken to address them.
Article 31: Timely and Accurate Reporting
1. Upon request, Banks shall submit timely and accurate reports to SAMA. Banks will be held liable for any false or late reporting and will be subject to actions and penalties that SAMA may take or impose.
2. Banks shall submit, and be willing to submit in the manner required, any information on the volume and value of transactions carried out for each type of services provided by each Agent, or any other information requested by SAMA at any time as it may deem necessary.