Regulatory Alerts2021-03-01
Emphasize the Mandatory Verification of Customers and the Effectiveness of Procedures to Adhere with the Know Your Customer (KYC) Principle Before Initiating Point-of-Sale Device Sales or Purchases
The Saudi Central Bank (SAMA) issued this circular to mandate that payment service companies verify customers and ensure the effectiveness of their "Know Your Customer (KYC)" procedures before selling or operating point-of-sale devices. The directive requires licensed marketing entities to implement comprehensive internal policies that identify, monitor, and report potential risks, while ensuring each device is exclusively linked to the customer's bank account. Payment service companies must comply with these verification and risk management requirements effective immediately to maintain regulatory adherence.
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