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Effective from 2017-07-09 - Jul 08 2017 To view other versions open the versions tab on the right
1)
Remittance centers shall identify the customer through valid identification documents in all cases in which it deals with customers.
2)
The nature of customers' business and activities shall be consistent with the volume, purpose and category of the executed financial transactions, in addition to the importance of identifying the real beneficiaries of such transactions and taking necessary measures to verify customers.
3)
The validity period of the resident ID/visa/temporary resident permit shall be taken into consideration when dealing with expatriates, pilgrims, Umrah performers and visitors.
4)
Secure information from official certifications such as the national ID, resident ID or passport and obtain a copy of such, as well as ensuring their conformity to the original ones carried by the customer and employee upon creating the membership.
5)
Reject any dealings with fictitious, digital or anonymous names.
6)
Membership numbers shall be linked with names and ID numbers, and shall be considered an automatic reference to the transactions carried out when creating the relationship (creating a membership number for the customer).
7)
The requirements of KYC, AML/CFT rules issued by SAMA and other relevant regulations and instructions shall be applied.
8)
The relationship with the customer shall be terminated when the remittance center is unable to verify the sources of transactions or doubts the validity or adequacy of the customer’s identification details, or when the customer continues to use the remittance membership for purposes other than that for which the membership was created.
9)
The customer's name and the national/resident ID number shall be entered in both Arabic and English, and shall be considered mandatory fields for opening the membership.
10)
The opening of membership shall be approved by the manager of the remittance center after verifying all the customer information and their conformity with the volume and nature of his/her activities and transactions.
11)
The necessary approvals shall be applied when opening remittance memberships for high-risk customers or for which enhanced heightened due diligence is required based on the FATF recommendations and AML/CFT rules.
