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An EMI is considered a Micro EMI if the following conditions are met:
(a)
Ensures that its Total Average Outstanding Electronic Money does not exceed ten million SAR;
(b)
Does not exceed an Average Monthly Payment Transaction Value of ten million SAR;
(c)
Does not permit any Payment Service User to hold more than twenty thousand SAR of Electronic Money in aggregate across all accounts held by that Payment Service User, subject to Paragraph (3) of this Article;
(d)
Does not permit any Payment Service User to execute Payment Transactions of more than twenty thousand SAR per calendar month in aggregate, including Cash-Out Transactions (but excluding those made in the event of the closure of an Electronic Money account), subject to Paragraph (3) of this Article.
(2)
An EMI is considered a Major EMI in the event that it exceeds any of the limits stipulated in the above Paragraph of this Article.
(3)
A Micro EMI must comply, in the cases prescribed below, with the following:
(a)
A Micro EMI that has yet to start issuing Electronic Money, or has been issuing Electronic Money for fewer than twelve calendar months, must ensure that its projected Total Average Outstanding Electronic Money for its initial twelve-month period of operations does not exceed ten million SAR; and
(b)
A Micro EMI that has yet to commence the provision of Relevant Payment Services, or has been providing Relevant Payment Services for fewer than twelve calendar months, must ensure that its projected Average Monthly Payment Transaction Value does not exceed ten million SAR.
(4)
SAMA may increase one or more of the limits set out in Paragraph (1) of this Article if the Micro EMI submits an application that includes adequate causes and is committed to having sufficient systems and controls to monitor those limits, taking into account the power of SAMA to restrict its approval until additional conditions as deems appropriate are met.
(5)
A Major EMI must comply with the following:
(a)
Not permit any Payment Service User to hold Electronic Money of more than one hundred thousand SAR in aggregate across all accounts held by that Payment Service User; and
(b)
Not permit any Payment Service User to execute Payment Transactions of more than one hundred thousand SAR (per calendar month in aggregate, including Cash-Out Transactions (but excluding those made in the event of the closure of an Electronic Money account).
(6)
SAMA may increase one or more of the limits set out in Paragraph (5) of this Article if the Major EMI submits an application that includes adequate causes and is committed to having sufficient systems and controls to monitor those limits, taking into account the power of SAMA to restrict its approval until additional conditions as deems appropriate are met.