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2.3.1 Full Verification

No: م أ ق/15631 Date(g): 4/6/2012 | Date(h): 15/7/1433

Effective from Feb 25 2025 - Feb 24 2025
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Open loop and/or reloadable prepaid payment service products are allowed to be issued to an individual provided a Full Verification process has been undertaken:

a)As a result of a written Request from the Contracting entity OR an electronic request in accordance with SAMA E-banking Rules clause 4.1(ii), (which allow for online, internet based account application, provided certain security considerations are taken into account) for the account/electronic record and payment device;  
b) Where an acceptance by the primary cardholder of the Terms and Conditions relating to the prepaid payment service is obtained by signature;
 		  
c)As a renewal of, or substitute for, an existing prepaid payment service.
 		  

Full verification is the process by which the Issuer or an authorised third party obtains and verifies the prepaid accountholder’s identity. Accountholders whose identity has been fully verified shall have a prepaid payment service with the full functionality as determined by the Issuer. Full verification is conducted face-to-face (refer to (100-8) interviewing the customer in Rules governing the opening of bank accounts & general operational guidelines in Saudi Arabia).

The face to face verification process requires a government issued document with primary cardholder's full name and photograph. The accepted documents are the same as mentioned in the rules of opening bank accounts. In addition, for those who are not resident in the Kingdom and are in Saudi Arabia to perform Hajj & Omrah or to provide professional consultancy services for government agencies or for a local commercial entity, the accepted documents are a valid passport with valid Saudi visa.

Merchants will not be entitled to conduct the full verification due to the potential conflict of interest.

The Issuer remains responsible for the verification process and is officially required to produce the verification information on demand by SAMA.

 d)The issuer may issue prepaid services using existing KYC details provided that one of the following conditions is satisfied:
 		  
 1.The accountholder is requesting a prepaid payment service from an issuer that has already conducted the full verification of the accountholder , OR
 		  
 2.The accountholder is replacing a prepaid payment service device from an issuer that has already conducted the full verification of the accountholder.