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Regulation of the Integrated Logistics Special Zone

Date(g): 21/11/2021 | Date(h): 16/4/1443

Effective from Nov 21 2021 - Nov 20 2021
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Referring to the central bank's role in supervising and overseeing the payments sector, and its contribution to maintaining the integrity of the financial sector by supporting and developing all services provided to clients of payment service companies, as well as referencing the regulation concerning the Integrated Logistics Special Zone issued under Royal Decree No. (A/17) dated 01/02/1440 AH and the regulatory frameworks issued by the General Authority of Civil Aviation for companies operating in that area in this regard.

The central bank emphasizes that all companies operating in the payments sector, when providing payment services to any entities licensed under the regulation of the Integrated Logistics Special Zone, must consider the nature of those entities and update their policies and service agreements accordingly. It is also required to verify the identity of these entities through the following requirements:

  1. A copy of the commercial registration issued by the Civil Aviation Authority.
  2. A copy of the company's articles of incorporation and its attachments.A copy of the identification documents of the individuals authorized to open and manage the accounts.