A Payment Service Provider must have a policy for setting risk-based Payment Service User transaction limits and limits on its Total Outstanding Electronic Money.
(2)
A Payment Service Provider shall, prior to making any changes to the policy referred to in the Paragraph above, obtain a non-objection letter from SAMA in accordance with Article 39 of the Regulations of the Implementing Regulation and, if required by SAMA, provide details of the updated policy.
(3)
SAMA may direct a Payment Service Provider to set Payment Service User transaction limits at levels specified by SAMA, and that’s in case -for example- where specific regulatory criteria related to risk management and governance are not complied with to the satisfaction of SAMA.
