| a. | The Money Changer shall:
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| | 1. | Conduct Money Changing Business in an adequate place according to the conditions and specifications set by SAMA.
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| | 2. | Not use the word “bank”, its derivatives, synonyms or any term similar thereto in any language in its documents, publications, commercial address, name or advertisements and shall be committed to use the term “money changing institution” or “money changing company”.
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| | 3. | Maintain effective oversight over the Money Changing Business and set appropriate controls, policies and work procedures for the Money Changer, including monitoring transactions to identify suspicious and fraudulent ones, in order to ensure compliance with relevant laws, regulations and instructions.
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| | 4. | Ensure that its policies and procedures are comprehensive and reflect all SAMA regulatory requirements.
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| | 5. | Adhere to the regulations, operational manuals and risk management policy documents necessary for rendering services to Customers efficiently.
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| | 6. | Ensure systems’ effectiveness, reliability and security to support its activities.
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| | 7. | Conduct a periodic independent test, at a minimum once a year, by an internal/external auditor to assess the Money Changer’s operations, including the systems.
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| | 8. | Record all transactions in the system and prohibit any transaction outside it.
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| | 9. | Provide adequate technical systems, as a minimum, to manage risks, protect Customers, and combat money laundering and terrorist financing.
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| | 10. | Maintain a record of all transactions, in accordance with the instructions issued by SAMA in this regard.
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| | 11. | Maintain and archive data and documents in accordance with the instructions issued by SAMA.
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| | 12. | For Money Changers licensed to conduct money transfers inside and outside the Kingdom, maintain at all times a full cover for outstanding remittances drawn on their headquarters or correspondents inside and outside the Kingdom to allow payment of the remittance once the order is received.
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| | 13. | Comply with the safety and security requirements issued by SAMA.
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| | 14. | Place the license issued by SAMA in a conspicuous place at its head office and branches.
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| | 15. | Associate the name of the Money Changer with the license number in all of its publications, correspondence and all its statements.
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| | 16. | Maintain the confidentiality of any information obtained during the course of conducting its business and refrain from disclosing or benefiting therefrom in any manner even after the end of its work except after obtaining SAMA’s prior consent.
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| | 17. | Set a business continuity plan.
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| b. | SAMA may issue any instructions it deems necessary to implement the supervision and control requirements for Money Changing Business.
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