Saudi Telecom Company (STC), the largest telecom operator in the MENA region, has selected World-Check from Refinitiv to help support its compliance with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations as it launches a new digital payment solution.
As part of the Crown Prince’s 2030 Vision, the Kingdom of Saudi Arabia is rolling out new incentives to foster cashless payment technologies. With the growth of non-cash transactions in Saudi Arabia, STC has been offering new digital payment solutions that meet the local market demand.
Refinitiv’s World-Check Risk Intelligence is used by regulated companies to help screen for financial crime risks as part of their anti-money laundering compliance programmes. As businesses embrace the benefits and opportunities offered by the digital economy, they must also increase their efforts to protect themselves and their customers from crimes such as fraud and money laundering. Understanding the identity of customers through reliable and thorough screening tools is now a critical part of doing business for a range of financial services providers from banking through to electronic payments.
“Last year, Saudi Telecom Company announced the launch of a subsidiary called Saudi Digital Payment company offering a mobile wallet application to meet the daily needs of local consumers. As we move towards a more cashless economy, we require a robust infrastructure that enables us to deliver on the digital and security requirements of the Kingdom’s long term Economic Financial Program,” said Ahmed Alanazi, Chief Executive Officer of STC Pay.
Refinitiv has a strong presence in the Middle East and successfully developed a sound regulatory, governance and risk community in the Kingdom through various compliance programmes carried out in collaboration with local governmental entities in Saudi Arabia.
“We’re pleased to have been chosen by STC as it establishes a robust compliance programme to support its move into digital payments. As the Saudi market adapts to the changes impacting the traditional payment models of the past, it’s critical for local market leaders to rely on sound data and advanced technology tools to help protect the financial system from criminal activities,” said Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv.
Refinitiv’s World-Check Risk Intelligence database delivers accurate and reliable data that assist clients’ in their decision-making processes. It employs hundreds of specialist research analysts across the globe, who adhere to stringent research guidelines when collating information from reliable sources - such as watch lists, government records, and reputable media publications.