Regulatory Alerts2020-10-14
The Termination of National Identity and Resident Identity
The Saudi Arabian Monetary Authority directs finance companies operating in the Kingdom to recognize the officially extended validity periods of National Identity and Resident Identity documents. Financial institutions must apply existing anti-money laundering and counter-terrorism financing due diligence requirements by treating these IDs as legally valid throughout the extension timeframe. This directive mandates immediate procedural and automated system adjustments to align regulatory compliance with the updated identification validity dates.
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