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2-1-C Open Loop Prepaid Payment Services

No: BCT/15631 Date(g): 2/5/2012 | Date(h): 11/6/1433 Status: In-Force

Open loop prepaid products may or may not be reloadable. An open loop prepaid payment product can, but is not required to, enable cash withdrawals at ATMs or the transfer of funds onto a bank account, including international remittances within the restrictions of Know Your Customer (KYC) and Anti Money Laundering (AML)/Combating Terrorist Financing (CTF) rules documented in Section 2-5.

Any Issuer (refer to 1.2.1 Issuing Programme Manager) proposing to operate open loop prepaid programme must seek SAMA’s “no objection” to the proposed programme at a product level.