9.2: Membership Opening Conditions
Effective from 2017-03-12 - Jul 08 2017
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| All requirements set forth in the Rules Governing the Opening of Bank Accounts and General Operational Guidelines shall be adhered to, and membership must meet the prerequisites for verification requirements for identities and real users (the beneficiary) of such memberships, including the following: | ||
| 1) | The membership must be opened by the customer themselves, requiring their presence in person while taking into account cases in which the customer is required to visit to establish the relationship as provided for in the Rules Governing the Opening of Bank Accounts and General Operational Guidelines in Saudi Arabia. | |
| 2) | Fill in all details and information related to ‘KYC’ principle in the Membership Opening Form and confirm its validity by signing it. | |
| 3) | Provide an original copy of valid national IDs for citizens or resident ID for expatriates, to be included within the customer’s file. | |
| 4) | Remittance centers shall be responsible for matching and verifying the validity of details with the original documents submitted by the customer; and placing the stamp and date on each document and storing them in the automated system. | |
| 5) | It is necessary to have an identifier for women who cover their faces. | |
| 6) | Minors (under the age of 18 Hijri years) will not be eligible for membership except with the approval of the guardian or curator (not an identifier). | |
| 7) | Legal persons are not permitted to open remittance memberships. They are required to open a bank account through which they carry out all financial transactions. | |
| 8) | An expatriate who has a temporary residence permit in the passport -granted thereto by the Kingdom's embassies under a work visa only in preparation for obtaining a resident ID - can be granted membership based on such permit (for a period of 3 months), to be frozen following expiry of that period until a valid resident ID card is issued. | |
| 9) | Follow the instructions of persons with whom dealing is prohibited in accordance with the decisions of the Security Council and the Saudi Arabian Monetary Authority. | |
| 10) | Determine the full information of the beneficiaries of the remittance outside the Kingdom, such as the name and ID number, if available, or an account number and address. | |
| 11) | Membership may not be shared by more than one person. | |
| 12) | Membership may not be treated as a checking account or used for purposes inconsistent with the primary purpose for which it was opened. | |
| 13) | An item that contains confirmation from customers that they are the real beneficiaries from the membership and have a direct relationship with the beneficiaries of the remittance shall be added in the membership opening form. | |
| 14) | Determine the amounts and numbers of expected monthly/yearly remittances (outbound and inbound), and evaluate whether they are adequately commensurate with customers’ monthly incomes. | |