Regulatory Alerts2026-03-09
Technical Integration with "Wathq" Service for Verifying the Identity of the Ultimate Beneficial Owner (UBO)
The Saudi Central Bank (SAMA) mandates all regulated financial institutions to establish technical integration with the Ministry of Commerce’s "Wathq" service to verify Ultimate Beneficial Owner (UBO) identities. Financial entities must ensure continuous data synchronization, notify the Ministry of Commerce regarding undisclosed or discrepant UBOs based on their due diligence processes, and report implementation challenges to SAMA’s Financial Integrity and Governance Department. This circular aligns domestic verification procedures with existing anti-money laundering, counter-terrorism financing, and personal data protection regulations while streamlining compliance reporting.
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