Article 14
| No: 46025374 | Date(g): 29/10/2024 | Date(h): 26/4/1446 | Status: In-Force |
Translated Document
Without prejudice to the provisions of Article (11) of these rules, the company must consider the following when dealing with inactive electronic wallets:
| (1) | Continue calculating commissions and profits for electronic wallets as agreed upon in the framework agreement. |
| (2) | Review and classify electronic wallets and take the actions specified in the related instructions. |
| (3) | Submit an annual report to SAMA, including a list of inactive electronic wallets, with details of these wallets and any additional information requested by SAMA. |
| (4) | Retain copies of documents and records for all amounts and entitlements according to the statutory period. |
| (5) | Maintain detailed records of electronic wallets containing the necessary customer data as specified in these rules and related instructions. |
| (6) | Retain personal and financial data in electronic records in accordance with the technical specifications determined by SAMA. |
| (7) | The Compliance Department must have a supervisory role throughout all stages and periods mentioned to ensure compliance with electronic wallet instructions. |
| (8) | Establish policies and procedures for handling inactive electronic wallets, including a communication mechanism with the owners of these wallets. |
| (9) | Without prejudice to Clause (c) of Paragraph (2) of Article (13), the balance of the electronic wallet must remain as a financial obligation on the company’s financial position, and any action on the electronic wallet is prohibited. |
| (10) | Verify the absence of debit obligations on the electronic wallet, and if present, they must be settled before transferring the wallet to the aggregate account. |