Article 4
Effective from Jan 31 2025 - Jan 23 2025
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The company must comply with the following when opening an electronic wallet:
| (1) | Review and classify the electronic wallet, and take the actions stipulated in these rules in accordance with the time periods specified for each. | ||
| (2) | Classify the company's customers and ensure that no customer holds electronic money or performs payment transactions exceeding the financial limits set by SAMA within the calendar month, in accordance with the provisions of the Implementing Regulations of Payments and Payment Services Law | ||
| (3) | Retain copies of documents, records, files, and data related to all amounts and dues, according to the required statutory period. | ||
| (4) | Maintain detailed records of all electronic wallets, which must include, at a minimum, the following data: | ||
| (a) | The full name of the customer as recorded in the identification document. | ||
| (b) | The customer's identification number. | ||
| (c) | The customer's national address, place of residence, and approved contact information. | ||
| (d) | Any other data related to the customer, if available or necessary. | ||
| (5) | The company must maintain personal and financial data in electronic records in accordance with the technical specifications determined by SAMA, ensuring ease of access and compliance with the provisions of relevant regulations. | ||
| (6) | The role of the Compliance Department at all stages and during the mentioned periods shall be supervisory to ensure compliance with the requirements of the Rules for Electronic Wallets. | ||