Customer information form (KYC)
All financial institutions in Saudi Arabia are obliged to adhere to the legislation of the Saudi Central Bank. One such regulation concerns the process of identifying a customer who opens an account. This is a mandatory procedure for clients opening accounts. They must fill out a customer information form known as Know Your Customer (KYC). The information in this form helps financial institutions better understand their clients and financial operations and manage their risks more effectively.
Relationship with politically exposed persons
Why do I need to fill out the customer information form?
In compliance with the regulations and directives of the Saudi Central Bank, all financial institutions are required to maintain valid customer information. If a client does not complete the form, their registration will not be completed, and they will be unable to perform any operations on their account. What if I can’t find my job title? We have shortened the list of job titles to ease searching for clients from hundreds of job titles. If you do not find the appropriate job title for you, you can choose (Other) from the list of job titles.
Do I need to update the customer information form?
Updating the data in the customer information form is necessary according to the instructions of the Saudi Central Bank. Tweeq reminds its clients to update the form information if it has been a long time without an update. For more, you can refer to the customer responsibilities stipulated by the Central Bank (here).
What is the purpose of the customer information form?
It is a process aimed at verifying the identity of clients and assessing their risk level to protect them and combat any illegal activities. This form provides preliminary information to financial institutions that facilitate the account opening process. However, in some instances, financial institutions may require their clients to provide additional detailed information, known as the (due diligence) process, when the risks of money laundering and terrorism financing increase to identify and verify the client or the real beneficiary of the account.
Why is it important to know if a client is related to politically exposed persons?
In compliance with the Central Bank's instructions related to the classification and risk assessment of individuals who have held important public or political positions (known as politically exposed persons), we ask the client whether he or they or any of their family members or close associates fall under this classification. This is to apply due diligence procedures according to Tweeq's internal policies to ensure that their financial transactions are safe and transparent.