Regulatory Alerts2020-12-28
Added · Updated
Verifying the Identity of Customers via a Reliable Source
The Saudi Central Bank ("SAMA") has issued a circular requiring supervised financial institutions to verify that customer mobile numbers match the account holders' national IDs through the "Tahakom" (Verification Service). Institutions must evaluate existing accounts for mismatches, submit evaluation results and corrective plans to SAMA, and adopt the verified mobile number registration for all new account or membership openings. Compliance with these enhanced "Know Your Customer" procedures is mandatory within 45 days, with regulatory enforcement actions applied to non-compliant entities.
More like this from SAMA
SAMA published 1 document in the last 30 days. We email you each new one the day it's published.
Topics
Share