Article 45
| No: 000044093096 | Date(g): 13/6/2023 | Date(h): 24/11/1444 | Status: In-Force |
| | (1) | As an on-going capital requirement, Licensees must maintain regulatory capital as set out in this Article.
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| | (2) | A Micro PI and Micro EMI must maintain an amount equal to the initial capital requirement stated in Article 44 of the Implementing Regulations.
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| | (3) | A Major PI must maintain an amount equal to the higher of:
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| | (4) | A Major EMI must maintain an amount equal to the higher of:
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| | (5) | A Payment Service Provider must provide evidence of its compliance with its on-going capital requirements by providing the following:
| (a) | A certified copy of a license issued by the competent licensing authority in the Kingdom showing its paid-up capital;
| | (b) | Audited financial statements by a certified public accountant in the Kingdom;
| | (c) | Any other method deemed acceptable by SAMA.
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| | (6) | A Payment Service Provider must comply with the relevant accounting standards applicable in the Kingdom, as determined by SAMA in this regard.
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