1) Customers of Money Exchange Centers
In this guide, a customer refers to any individual (natural or legal) who conducts a financial transaction through a money exchange center. This category includes citizens, residents, as well as visitors (transient customers) who hold a temporary visa/residence permit, in addition to pilgrims and those performing Umrah. All customers must possess valid identification documents.
Money exchange centers customers can be classified as follows:
1-1) Members of Money Exchange Centers
These are individual (natural persons) or legal entities (institutions, companies, organizations, etc.) that have a membership with the money exchange centers for services (money transfers/exchanging currencies). Membership is recorded in the exchange center’s register with a unique number linked to the customer’s name and identification number for citizens, valid residence permit for expatriates, and commercial registration or license for legal entities. Membership records include all identifying data of the customer, including national identification for citizens, residence details for expatriates, and documenting this in the customer's membership upon establishing the relationship (creating a unique membership number for the customer). The money exchange center retains the identification number as an electronic reference for transactions and maintains a historical record of the customer’s financial transactions.
1-2) Transient Customers
These are only natural customers who do not have a membership with the money exchange center due to their limited and occasional need for the services (money transfers/exchanging currencies). Tourists with temporary visas/residences, as well as pilgrims and those performing Umrah, are allowed to exchange money, cash cheques, and receive incoming money transfers only through authorized exchange centers. The money exchange center must maintain a record of all transactions with this category of customers, including detailed data linked to their passport number for pilgrims, Umrah performers, and tourists. Financial transaction limits for transient customers will be detailed in this guide. Citizens and residents can exchange currencies without establishing a membership as detailed in section (3-1) below.
If there is suspicion of financial transactions related to money laundering or terrorist financing, the money exchange center must promptly report the transaction to the Financial Intelligence Unit, including a copy of the passport, a description of the transaction, and detailed information about the transient customer.