Article 17: Relations with Financial Institutions

Prior to entering into a foreign correspondent relationship or currency import and export contracts, the Money Changer shall inform SAMA in writing and adhere to the following measures in order to mitigate the risks associated with such relationships and contracts: a. Collecting sufficient information about the contracted financial institution to fully understand the nature of its work and assess its reputation and the type of supervision to which the institution is subject based on the information available to the Money Changer, including whether it has previously been subject to a money laundering or terrorist financing investigation or regulatory action. b. Evaluating the controls applied by the contracted financial institution to combat money laundering and terrorist financing. c. Clearly understanding the responsibilities of each financial institution in combating money laundering and terrorist financing. d. Being sufficiently satisfied that the financial institution does not allow its accounts to be used by shell banks. e. Complying with all instructions issued by SAMA from time to time.