Allow the Banks Operating in the Kingdom to Deal with Western Union for the Purpose of External Transfers After Obtaining SAMA Approval
| No: 361000072217 | Date(g): 7/3/2015 | Date(h): 17/5/1436 | Status: In-Force |
Translated Document
Refering to SAMA circular No. M A T/913 dated 5/10/1430 H which includes a prohibition on performing any money transfers or issuing checks, whether by individuals, companies, or other entities, through or in favor of the company (Western Union) either within or outside the Kingdom, directly or indirectly.
We would like to inform you that it is now possible to engage with Western Union, while ensuring compliance with SAMA Circular No. M A T/464 dated 15/05/1430 H. This circular emphasizes the necessity of obtaining prior approval from SAMA before contracting with any company specialized in money transfer operations. Additionally, adherence to related regulations and instructions is required, including but not limited to: the Know Your Customer (KYC) principle, and anti-money laundering and counter-terrorism financing regulations.