Article 5
Effective from Jan 31 2025 - Jan 23 2025
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| (1) | 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. |