Regulatory Alerts2020-03-22
Acceptance of Premium Residence as an Approved Identity
The Saudi Arabian Monetary Authority (SAMA) has officially confirmed that both permanent and fixed-term Premium Residence cards issued by the Premium Residency Center are recognized as valid identities for accessing financial products and services. This circular mandates that all regulated banks, financing companies, insurance entities, money changers, and payment service providers in the Kingdom accept these cards as approved identification effective immediately. Financial institutions are required to update their customer onboarding and verification procedures accordingly to ensure compliance with SAMA’s regulatory framework.
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