Article 29: Agent Registry

1. SAMA will establish an electronic agent registry to which Banks are required to submit information on every Agent operating on their behalf. The agent registry must include, as a minimum, the following: a. Start date of business relationship as set out in the contract; b. Agent name and business name; c. Business address; d. Geographic coordinates of business location; e. Contact numbers; f. Agent’s core business and number of years in operation; and g. Agent banking contract. 2. Banks may not engage in Agent Banking unless they have registered the required information in the agent registry. Any Banks or Agents engaging in Agent Banking without registering in the agent registry will be subject to any actions or penalties that SAMA may take or impose in this regard. 3. Banks must be responsible for keeping the registry up-to-date. 4. In case of any changes in the Agent’s information (e.g. telephone number), Banks must update data in the registry within ten (10) business days of the date of such change made by the Agent.