Regulatory Alerts2024-10-29
Rules for Electronic Wallets
Issued by the Saudi Central Bank (SAMA), these Rules establish comprehensive compliance requirements for licensed electronic money companies operating in the Kingdom, mandating strict customer classification, financial limits, and automated fraud prevention. The regulations detail distinct operational frameworks for opening and managing wallets across individuals, minors, legal entities, freelancers, and public committees, while enforcing rigorous identity verification, periodic data updates, and inactive wallet management protocols. Taking effect ninety days after publication, the Rules empower SAMA to enforce data disclosure, mandatory wallet freezing orders, and confidentiality standards, ensuring sector stability and participant protection.