Regulatory Rules for Prepaid Payment Services in the Kingdom of Saudi Arabia

Card Payment Service Products that use a simpler form of KYC Card payment service products that use a simpler form of KYC are limited to products providing restricted value, non-reloadable services which can be offered by the issuer (directly or via a third party) without verification of the cardholders identity. This may apply if the prepaid payment service has the following characteristics: The prepaid payment service is not reloadable; and The amount stored on the device does not exceed 400 SAR; and The value is redeemable through a predefined merchant group (closed or restricted loop); and The value on the prepaid account cannot be redeemed at ATMs or by transfer to a bank account. 2.4 Account Opening Requirements For prepaid accounts issued in the Kingdom, the opening of accounts must be in compliance with the current version of “ Rules Governing the Opening of Bank Accounts & General Operational Guidelines in Saudi Arabia ” issued by SAMA or with the rules defined in sections 2.4.1 , 2.4.2 , 2.4.3 , 2.4.4 . For closed loop prepaid payment products not requiring KYC the account opening rules are defined in section 2.4.5 .