9. Customer Acceptance Policies and Procedures
Effective from 2017-03-12 - Jul 08 2017
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Customer acceptance policies and procedures include all factors relevant to a customer as the person performing a financial transaction through remittance centers; procedures to verify customer’s identity, address and business, and the amount of income and sources of funds; determining the purpose of establishing the relationship (remittances membership) between the remittance center and its customers, while not dealing with unknown or fictitious names and taking into account the full compliance with regulations and instructions issued by SAMA, AML/CFT-related instructions, ‘Know Your Customer (KYC)’ requirements, and Customer Due Diligence (CDD) procedures for customers of various types and categories; and setting classifications and prerequisites to establish relationships with customers.