Technical Integration with "Wathq" Service for Verifying the Identity of the Ultimate Beneficial Owner (UBO)

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Saudi Central Bank
No.: 472047799
Date: 1447/09/20
Attachments: None
307 mlg

Circular to the Esteemed:
Peace, mercy, and blessings of God be upon you.

Subject: Technical Integration with "Wathq" Service for Verifying the Identity of the Ultimate Beneficial Owner.

Reference is made to the Saudi Central Bank System issued under Royal Decree No. (M63) dated 11/4/1441H, and its provisions regarding the authority to issue regulations and instructions related to financial institutions and their operations; the Anti-Money Laundering System issued under Royal Decree No. (M02) dated 5/2/1439H; and the Counter-Terrorism Financing System issued under Royal Decree No. (M12) dated 21/2/1441H. Furthermore, reference is made to the Executive Regulations of the Anti-Money Laundering System issued under State Security Presidency Resolution No. (14525) dated 20/9/1441H, and the Ultimate Beneficial Owner Rules issued under a resolution by the Minister of Commerce No. (99) dated 5/6/1441H.

We hereby inform you of the Ministry of Commerce's launch of the inquiry service for disclosed Ultimate Beneficial Owner (UBO) data from companies, available via the "Wathq" service, which enables access to updated and approved UBO data.

Accordingly, the Saudi Central Bank emphasizes the necessity of technical integration with the "Wathq" service to verify the identity of the Ultimate Beneficial Owner, while ensuring compliance with all relevant conditions, controls, and requirements. Notifications to the Ministry of Commerce via the platform must be issued in cases where a company fails to disclose an Ultimate Beneficial Owner or when discrepancies exist in the UBO information, based on the applicable due diligence measures. This must not conflict with the reporting requirements for suspicious transactions stipulated in relevant systems and regulations, nor contravene the Personal Data Protection System, its executive regulations, or instructions issued by the Saudi Central Bank. Additionally, the Saudi Central Bank must be notified regarding any implementation challenges via the dedicated email address of the Financial Integrity and Governance Department (FIGD@SAMA.GOV.SA).

For information and action, effective from the date of publication on the Saudi Central Bank's website.

Yours sincerely,
Abdullah bin Saleh Al-Humaid
Deputy Governor for Financial Behavior

Distribution Scope: All financial institutions subject to the regulation and supervision of the Saudi Central Bank.
P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966114633000