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Effective from May 03 2019 - Jan 31 2019 To view other versions open the versions tab on the right
1.
It is the responsibility of the board of directors of each Bank to ensure compliance with this Regulation. Banks shall be solely responsible for the selection of Agents. Without prejudice to the provisions hereof, the relationship between the Bank and its Agent shall be direct and governed by a contract.
2.
The Bank is responsible for all actions or omissions of its Agent(s) in the matter of providing the permissible banking products and services on behalf of the Bank.
3.
The board of directors of each Bank shall be responsible for approving policies, procedures and processes which ensure the following:
a.
Credible Agents are identified and selected.
b.
Risks associated with Agent Banking are identified, documented and addressed. Adequate risk management policies are developed and implemented, in a way consistent with relevant rules and instructions issued by Saudi Central Bank.
c.
Agent Banking activities are constantly monitored to ensure compliance with the provisions hereof and other relevant laws and rules.
d.
All necessary controls are in place and complied with to ensure that the contracted Agent fully complies with all legal and supervisory requirements, including Saudi Central Bank requirements related to AML/CFT, combating embezzlement and financial fraud, and information security.
