2-4) General Instructions Regarding Customer Acceptance
| No: 361000067859 | Date(g): 25/2/2015 | Date(h): 7/5/1436 | Status: In-Force |
Translated Document
Effective from Feb 25 2015 - Feb 24 2015
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- The money exchange center must verify the customer’s identity through valid identification documents in all dealings.
- The nature of the customer’s activities and transactions must match the size, purpose, and type of financial operations executed, including knowing the actual beneficiary and taking necessary verification steps.
- Money exchange centers are not allowed to treat legal entities (companies, institutions, organizations, etc.) as transient customers.
- Internal authorizations or powers of attorney from individuals, institutions, or companies for transactions are not permitted.
- Financial transfers (in Category A money exchange centers) or currency exchange on behalf of customers are allowed only with a power of attorney from a notary, with the condition that the attorney is a Saudi national, ensuring all data of the membership holder and the attorney are collected per KYC requirements and updated as needed.
- The validity of residency/visas/temporary residences must be considered when dealing with expatriates, pilgrims, and visitors.
- Information should be verified based on legal documents such as national ID, residence, or passport, and a copy should be obtained and authenticated by both the customer and the employee.
- Do not accept transactions under fictitious or unknown names.
- Link the membership number to the name and ID number and use them as an electronic reference for transactions.
- Apply KYC requirements and anti-money laundering and counter-terrorism financing rules issued by SAMA, along with other related regulations and instructions.
- Terminate the relationship with a customer if the money exchange center cannot verify transaction sources or doubts the accuracy of the customer’s identification data or its adequacy, or if the customer continues to use the membership for purposes other than those intended.