| (1) | The data of electronic wallets is updated as follows:
|
| | (a) | The company must request an update of the data under which the electronic wallets were opened at least once every three years from the date the electronic wallet was opened or upon any changes to it. The company must include this in its internal policies and procedures.
|
| | (b) | The company must notify its customers of the impending expiration of the documents under which the electronic wallet was opened at least 90 calendar days before the expiration of those documents.
|
| | (c) | The company must, 90 calendar days before a minor customer reaches 15 Hijri years of age, request the guardian, custodian, or caretaker to update the customer's wallet data, obtain the customer's information, and verify its accuracy.
|
| | (d) | The company must, 90 calendar days before a minor customer reaches 18 Hijri years of age, notify the guardian, custodian, or caretaker of the need to update the customer's wallet data, complete and verify the customer's information, and sign a new wallet agreement with the customer upon reaching 18 Hijri years of age.
|
| (2) | Updating the customer's identity:
|
Identities and official documents are updated according to the durations, as follows:
|
| | (a) | Identities and documents with a validity period of less than five years must be updated at the end of their specified validity period, such as commercial registrations or licenses.
|
| | (b) | Identities and documents with a validity period of more than five years must be updated every five years or upon the expiration of the identity or official documents, whichever comes first.
|
| | (c) | Electronic wallets opened based on approvals or official letters, such as wallets opened for embassies, international organizations or their representatives, or based on licenses and open-ended registrations like public benefit committees and endowments, must be updated no later than every five years.
|
| (3) | Remote identity data update:
|
| | (a) | The company may update the identity data of its customers remotely at its discretion.
|
| | (b) | The company must verify the validity of identity documents using documents, data, or information from a reliable and independent source and document this process.
|
| (4) | Updating customer data:
|
In addition to the requirements for updating the customer's identity outlined in Paragraph (2) of this Article, the company must update the customer data associated with the electronic wallet at least every three years. Customer data must also be updated in the following cases:
|
| (a) | When the customer's information becomes outdated, the specified period mentioned in Paragraph (2) of this Article elapses, or there is a change in the customer's information.
|
| (b) | When there is a change in the customer's behavior in conducting transactions on the electronic wallet.
|
| (c) | When the company undertakes due diligence measures related to money laundering and terrorism financing risks.
|
