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2.5.3 Monitoring of payment service activity

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

Effective from Jan 31 2025 - Jan 30 2025
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The issuer is required to monitor on an on-going basis the prepaid payment service activity by undertaking the following tasks and verifying to SAMA their compliance with the Kingdom's AML legislation:

  1. Keep up to date the primary cardholder’s verification data (as described in 2.3) held on record as required according to the Anti-Money Laundering (“AML”) law in the Kingdom of Saudi Arabia, Article 5
  2. Verify transaction records at regular intervals, where the frequency will depend on the level of risk attributed to the primary cardholder, to ensure that these fall within the scope agreed in the contract established with the primary cardholder;
  3. Maintain a log of all the transactions undertaken using the prepaid payment services. This data must be available for scrutiny by SAMA as appropriate when requested;
  4. Report suspicious activity promptly to Financial Intelligence Unit if it suspects that funds loaded onto the prepaid account are the proceeds of criminal activity;
  5. Such monitoring to be undertaken by the Financial Intelligence Unit as defined in the "Anti Money Laundering (“AML”) law" and "Rules Governing Anti-Money Laundering & Combating Terrorist Financing", Section 4.2;
  6. Conduct transaction screening as well as account and primary cardholder behaviour monitoring, to identify any unusual activity;