Regulation of the Special Integrated Logistics Zone
| Date(g): 21/11/2021 | Date(h): 16/4/1443 | Status: In-Force |
Translated Document
Referring to SAMA'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 Special Integrated Logistics Zone issued under Royal Decree No. (A/17) dated 01/02/1440 H and the implementing regulations issued by the General Authority of Civil Aviation for companies operating in that area in this regard.
SAMA emphasizes that all companies operating in the payments sector, when providing payment services to any entities licensed under the regulation of the Special Integrated Logistics 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:
- A copy of the Commercial register issued by the General Authority of Civil Aviation (GACA).
- A copy of the company’s memorandum of association and appendixes.
- Copies of the IDs of individuals authorized to open and manage the accounts.