Article 1: Definitions
| No: 4686 | Date(g): 11/7/2020 | Date(h): 21/11/1441 | Status: In-Force |
The following terms and phrases, wherever mentioned herein, shall have the meanings assigned thereto unless the context otherwise requires:
SAMA: Saudi Central Bank*.
Rules: Rules Regulating Money Changing Business.
Money Changing Business: One or more of the activities set forth in Article 11 of the Rules.
Money Changer: An establishment licensed by SAMA to conduct Money Changing Business in accordance with the provisions of the Rules.
Customer: Any natural or legal person who benefits from the services of the Money Changer or to whom these services are offered.
Invested Capital: The capital allocated by the foreign money changer for the use of its licensed branches in the Kingdom.
License: License issued by SAMA to conduct Money Changing Business.
Financial Year: The calendar year starting from 1 January and ending on 31 December.
Third Party: A service provider to whom some work and functions are outsourced. This includes the owners of the service provider, his/her employees and contract employees, as well as the entity affiliated with the Money Changer.
* The "Saudi Arabian Monetary Agency" was replaced By the "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G.