Frequently Asked Questions

The term KYC stands for “Know Your Customer” and is used throughout the client identification process. The pre-set KYC rules by the Saudi Central Bank (SAMA) are the standard requirements which need to be followed by all regulated entities. This includes identity verification, proof of address, employment information, and other general information. Investors need to clear all KYC requirements prior to being onboarded on the Funding Souq platform. The compliance department will conduct ongoing KYC check to ensure information is constantly updated.

Investors will need to provide a passport (or an equivalent document), a proof of address, employment information and information on the source of funds. This list is not exhaustive and hence additional information may be requested on a case by case basis. Professional investors will need to provide additional documents in order to satisfy KYC requirements. More details on the required documentation for professional investors can be obtained on  [email protected].

Funding Souq facilitates funds to be managed on behalf of someone else given the necessary KYC information is provided for both parties, i.e. the registered user on the platform and the beneficial owner of the funds. Also, the firm requests an authorization letter from the beneficial owner of the funds that allows you to invest the funds on their behalf.

Upon completing the onboarding, you will be able to deposit funds into your account through a bank transfer. Funding Souq doesn’t accept cash deposits.

Funding Souq applies a risk-based approach when assessing clients. The firm doesn’t disclose the investors’ risk categories as the risk assessment process is only done for internal purposes.

Investors need to be at a minimum of 18 years of age.

Individuals who do not receive a salary can become Investors, although the Company may ask these individuals to provide additional information to determine how they will fund their account.

If a relocation occurs, please contact [email protected]  to ensure whether you are still eligible to remain as a investor on the platform. If your account can no longer be maintained, the firm will restrict you from adding any further funds and from making any further investments. All existing investments will remain active and repayments will be made to your account. Once the fund has been repaid in full, you will be able to withdraw these repayments and your account will be permanently close.

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