Rules for Electronic Wallets

Plain-English summary

SAMA Circular No. 46025374 dated 29/10/2024 (26/4/1446H). Sets requirements for opening and managing electronic wallets, including one wallet per identity document (Art. 5), customer data updates (Art. 10) and dormant-wallet treatment (Arts. 13 and 14). They take effect 90 days after publication on SAMA's website (Art. 15).

Who it applies to

Payments & Fintech

Topics

Conduct & Consumer Protection Payments & Fintech / Digital Assets

Obligations arising from this law or regulation

Obligation	Timing	Regulator	Source
Periodic customer data update for electronic wallets	Frequency At least every three years	SAMA	official
Art. 10 requires wallet providers to update customer data at least every three years and to give 90 days' notice before identity documents expire. Identity documents valid for more than five years must be updated every five years, and minors' data must be updated as they approach 15 and 18 (Hijri).
No obligations match these filters.

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