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Article 6

Effective from Jan 31 2025 - Jan 23 2025
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(1)Specific requirements for opening electronic wallets for individuals:
 
 (a)Electronic wallets are opened for citizens based on the national ID card or the family record for minors, and the customer's national address or the national address of the guardian, custodian, or caretaker.
 
 (b)Electronic wallets are opened for resident customers present in the Kingdom based on a copy of the residency ID document, their national address in the Kingdom or the national address of the guardian, custodian, or caretaker, and their address in their home country.
 
(2)Electronic wallets for minors are opened according to the following requirements::
 
 (a)The electronic wallet must be created by the guardian, custodian, or caretaker, using the national ID or residency ID of the minor, and must not exceed one electronic wallet
 
 (b)The validity of the relationship between the guardian, custodian, or caretaker and the minor must be verified, and a copy of the guardianship decree issued by the competent court for the custodian, or a guardianship decree if the guardian is not the father, or a copy of the custody decree for the caretaker must be provided and verified.
 
 (c)This type of electronic wallet must not include the authority for cash withdrawal, transfers to anyone other than the guardian, custodian, or caretaker, receiving transfers from others, international transfers, or adding funds by any means unless the guardian, custodian, or caretaker approves adding such authorities.
 
 (d)SAMA sets the provisions for funding the electronic wallet of the minor, the maximum monthly payment transaction limit, and the overall monetary value holding limits within the calendar month.
 
 (e)Obtain the family record data where the minor is listed and the national ID data of the guardian, custodian, or caretaker, and verify their validity.
 
 (f)If the minor reaches the age of 18 (Hijri calendar) and is incapacitated or equivalent, the company must obtain a copy of the legal document proving the minor's condition and a copy of the decree of continued guardianship for the guardian or the custodianship decree for the custodian.