Regulatory Alerts2018-05-01
Updating Some Work Procedures of Money Changers
The Saudi Central Bank issued a circular mandating immediate compliance with updated operational procedures for all money exchange institutions and companies within four months. The directive requires firms to retain CCTV footage for at least one year, maintain customer transaction records electronically for ten years, register residential or national addresses upon onboarding, and permanently preserve transaction and membership data in automated systems. Additionally, institutions must establish and periodically test business continuity and disaster recovery plans to ensure uninterrupted, efficient operations.
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