Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
An Electronic Money Institution that wishes to appoint an Electronic Money Distributor must comply with the following:
(a)
At least thirty calendar days before that Electronic Money Distributor commences work under its appointment, submit a business plan to SAMA describing the following:
i.
The anticipated number and location of the Electronic Money Distributors;
ii.
The data of Persons that are intended to be appointed as Electronic Money Distributors, as well as evidence that such Persons have obtained all necessary registrations, licenses and permissions from SAMA and other competent authorities in order to carry out their activities;
iii.
The policies, procedures, systems and controls that the Payment Service Provider will use to select and oversee the Electronic Money Distributors;
iv.
The activities relating to the provision of Relevant Payment Services that are to be carried out by the Electronic Money Distributors; and
v.
Such other information, data or documents as SAMA may request;
(b)
Within ten calendar days of entering into a contractual agreement to appoint an Electronic Money Distributor, notify SAMA of such entry, with the right of SAMA to refuse within this period.
(2)
The Payment Service Provider must ensure the compliance of the Electronic Money Distributor according to the following:
(a)
Is prohibited from issuing the electronic money but may distribute Electronic Money on behalf of an EMI into an Electronic Money account or redeem Electronic Money;
