2-1) Transient Customers
| No: 361000067859 | Date(g): 25/2/2015 | Date(h): 7/5/1436 | Status: In-Force |
Effective from 2015-02-25 - Feb 24 2015
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These are only natural persons who do not have a membership relationship with the exchange shop due to their limited and occasional need for the services (money transfers/exchanging currencies). Tourists with temporary visas/residences, as well as pilgrims and those performing Umrah, are allowed to exchange cash, cash checks, and receive incoming money transfers only through authorized exchange shops. The exchange shop must maintain a record of all transactions with this category of customers, including detailed data linked to their passport number for pilgrims, Umrah performers, and tourists. Financial transaction limits for transient customers will be detailed in this guide. Citizens and residents can exchange currencies without establishing a membership as detailed in section (3-1) below.
If there is suspicion of financial transactions related to money laundering or terrorist financing, the exchange shop must promptly report the transaction to the Financial Intelligence Unit, including a copy of the passport, a description of the transaction, and detailed information about the transient customer.