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  • Chapter V: Supervision and Compliance

    • Article 28: SAMA Supervision

      1.The BNPL company shall:
        a.Provide SAMA with any required reports, data and information in accordance with the forms, guidelines, and times determined by SAMA.
        b.Adopt the International Accounting Standards in preparing its accounts and financial statements.
        c.Provide SAMA, upon its request, with all information and documents related to the company, its activities, partners and employees.
        d.Report to SAMA immediately paid-up capital.
        e.Develop a recruitment plan for vacant positions.
        f.Enable SAMA’s specialized staff and appointed auditors to access relevant facilities, documents and data (including digital data) upon request.
      2.The company and its staff shall not conceal or attempt to conceal any information or irregularities or refrain from answering any inquiries made by SAMA.
      3.The company shall obtain SAMA’s written non-objection before disposal of financing assets or rights arising therefrom.
      4.SAMA takes necessary actions to ensure the compliance of the company with relevant laws, regulations, rules and instructions. Such actions may include making supervisory or inspection visits to the company’s head office, meeting its staff and reviewing its systems, procedures and records. The company shall adhere to the recommendations and instructions directed by SAMA to address the observations made during visits.
      5.The company shall bear any expenses that may arise from SAMA’s appointment of a third party to implement any of the procedures undertaken in line with the provisions of this Article.

    • Article 29: Compliance

      1. The BNPL company shall establish internal controls and procedures to ensure compliance with the provisions of the Law and these Rules and relevant laws, regulations and rules.
      2. The company shall retain sufficient records to confirm compliance with the provisions of the Law and these Rules and relevant laws, regulations and instructions and shall take the necessary procedures to prevent any violation of their provisions.
      3. The company shall not disclose any information to third parties, unless it obtains non-objection and such disclosure does not violate the provisions of relevant laws.
      4. The company shall obtain a non-objection letter from SAMA before undergoing partial or complete liquidation.