1. Overview
Know Your Customer (KYC) is a fundamental requirement under applicable regulations. The Bank is committed to understanding its customers and their financial activities to:
- Prevent money laundering and terrorism financing
- Comply with regulatory requirements
- Protect customers and the Bank from financial crime
- Maintain the integrity of the Saudi financial system
Every customer relationship must begin with a thorough identification and verification process. No account may be opened, and no services may be provided, until the KYC process is satisfactorily completed.
2. Customer Identification Requirements (Individuals)
The following original documents are required for individual account opening:
2.1 Saudi Nationals
- Valid Saudi National Identity Card (original)
- Proof of national address (from Saudi Postal Corporation/SPL)
- Proof of occupation or employment
- Contact details (mobile number, email)
- Signature specimen
2.2 Foreign Residents
- Valid Iqama (residence permit) - original
- Valid passport (if Iqama is not available)
- Proof of national address
- Proof of employment or sponsor details
- Contact details (mobile number, email)
2.3 Non-Residents
- Valid passport (original)
- Entry visa to the Kingdom (if applicable)
- Proof of address in country of residence
- Additional documentation may be required based on risk assessment
3. Corporate Entity Documents
The following documents are required for corporate and business account opening:
- Commercial Registration (CR) - original or certified copy
- Articles of Association (MOA/AOA) - certified copy
- Manager's / Authorized Signatory's national ID or Iqama (original)
- Board of Directors resolution or power of attorney for account opening
- Verification of the board resolution by the relevant authority
- Beneficial ownership declaration (for entities with complex structures)
- Financial statements (last 2 years, if available)
- Company profile and business description
- Proof of registered address
4. Enhanced Due Diligence (EDD)
Enhanced Due Diligence measures are applied to customers identified as high-risk, including:
- Politically Exposed Persons (PEPs) and their close associates
- Customers from high-risk jurisdictions (as identified by FATF)
- Complex corporate structures with no clear beneficial ownership
- High-value transactions with no apparent economic rationale
- Non-face-to-face customers
- Customers in high-risk industries (e.g., arms, precious metals, cash-intensive businesses)
EDD measures include:
- Obtaining additional identification and verification documents
- Obtaining senior management approval for the business relationship
- Conducting enhanced ongoing monitoring of the account
- Establishing the source of funds and source of wealth
- Conducting adverse media screening
5. Politically Exposed Persons (PEP) Screening
Livo Bank conducts PEP screening on all customers, beneficial owners, and connected parties at account opening and on an ongoing basis. PEP categories include:
- Foreign PEPs: Individuals who hold or have held prominent public functions in a foreign country
- Domestic PEPs: Individuals who hold or have held prominent public functions in the Kingdom of Saudi Arabia
- International Organization PEPs: Individuals who hold or have held a prominent function in an international organization
- Close Associates: Individuals known to be closely connected to PEPs
- Family Members: Immediate family members of PEPs
Where a customer is identified as a PEP, enhanced due diligence measures are applied, including senior management approval and enhanced ongoing monitoring.
6. Source of Funds Requirements
Livo Bank requires customers to provide evidence of the source of their funds, particularly for:
- Large cash deposits
- High-value transactions
- Finance applications
- Opening of investment accounts
Acceptable evidence includes:
- Salary certificates and employment contracts
- Business financial statements
- Sale of property documentation
- Inheritance documentation
- Investment income records
- Government benefit statements
7. Ongoing Monitoring & Periodic Review
Livo Bank conducts ongoing monitoring of customer accounts and relationships to ensure that:
- Transaction patterns are consistent with the customer's expected activity
- KYC information remains accurate and up to date
- Customer risk profiles are reviewed periodically
- Suspicious activities are identified and reported promptly
Periodic KYC reviews are conducted based on the customer's risk rating:
- High Risk: Every 1 year
- Medium Risk: Every 2 years
- Low Risk: Every 3 years
8. Digital KYC
Livo Bank offers digital account opening through the Livo Bank mobile application, utilizing the following identity verification mechanisms:
- Nafath / IAM Platform: National Single Sign-On integration for real-time identity verification using the Saudi national ID system
- Biometric Verification: Facial recognition technology matched against the national ID database
- eKYC: Automated electronic Know Your Customer process aligned to applicable regulations's digital banking framework
Digital KYC is available for Saudi nationals and residents with valid national ID or Iqama. Non-residents may need to complete the KYC process in person at a branch.
9. Beneficial Ownership Identification
Livo Bank identifies and verifies the beneficial owners of all legal entity customers. A beneficial owner is defined as:
- Any individual who directly or indirectly owns or controls 25% or more of the shares or voting rights in the entity
- Any individual who otherwise exercises control over the management of the entity
Where no individual meets the above criteria, Livo Bank identifies and verifies the senior managing official of the entity.