Article 7
Effective from Jan 31 2025 - Jan 23 2025
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| Electronic wallets are opened for legal entities and licensed individuals to practice a profession or activity based on an official document, as follows: | |||
| (1) | Licensed institutions: | ||
| (a) | A copy of the commercial registration of the institution or a copy of the activity license if required solely for the institution's activity without the need for a commercial registration. | ||
| (b) | Identify and verify the identity of the institution's owners as per the name listed in the commercial registration or license, ensuring the validity of their identity and its data. | ||
| (c) | Identify and verify copies of the identities of individuals authorized to manage and operate the electronic wallets. | ||
| (d) | In case the institution's owner is an endowment (Waqf), the following must also be fulfilled in addition to the above requirements: | ||
| (a) | A copy of the valid endowment (Waqf) registration certificate issued by the General Authority for Endowments, including at a minimum the following: Name of the endowment, Endowment deed number and date, Names of the trustees and their ID numbers. | ||
| (b) | Copies of the IDs of the trustees listed in the registration certificate. | ||
| (2) | Institutions engaged in e-commerce activities: | ||
| (a) | The name of the electronic wallet must match the name recorded in the commercial registration, and the purpose of opening the electronic wallet must be specified as (e-commerce). | ||
| (b) | Verify the electronic platform of the commercial institution through entities licensed by the Ministry of Commerce to certify electronic stores. | ||
| (c) | Obtain the national address of the institution or its owner. | ||
| (3) | Freelancer Certificate Holders: | ||
| (a) | A copy of the freelancer certificate issued by the Ministry of Human Resources and Social Development. | ||
| (b) | A copy of the national ID of the freelancer certificate holder. | ||
| (c) | Obtain the national address of the freelancer certificate holder. | ||
| (d) | The electronic wallet must not be shared or have authorized users. | ||
| (e) | The validity of the electronic wallet is linked to the expiration date of the freelancer certificate. | ||
| (4) | Resident Companies: | ||
| (a) | A copy of the commercial registration. | ||
| (b) | A copy of the articles of incorporation or the company's bylaws. | ||
| (c) | A copy of the ID of the responsible manager. | ||
| (d) | Identify and verify the identities of the board members, if any. | ||
| (e) | A notarized power of attorney issued by a notary public or an authorized certifier from the person(s) who, under the articles of incorporation, bylaws, partners' resolution, or a board resolution, have the authority to delegate natural persons to sign and operate electronic wallets. | ||
| (f) | Copies of the IDs of the individuals authorized to sign and operate electronic wallets. | ||
| (g) | Identify and verify the identities of the company's owners listed in the articles of incorporation or bylaws, as per the latest amendments. | ||
| (h) | If all or any of the company's owners are endowments (Waqf) as specified in the articles of incorporation or bylaws, the following requirements must also be fulfilled in addition to the above: | ||
| (a) | A copy of the valid endowment (Waqf) registration certificate issued by the General Authority for Endowments, including at a minimum: Name of the endowment, Endowment deed number and date, Names of the trustees and their ID numbers. | ||
| (b) | Copies of the IDs of the trustees listed in the registration certificate for each endowment. | ||