Article 4
| Date(g): 13/6/2023 | Date(h): 25/11/1444 | Status: In-Force |
Translated Document
Effective from Jun 13 2023 - Jun 11 2023
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| 1. | The provisions of the Regulations shall apply to all persons who provide relevant payment services in the Kingdom in any of the following cases: | |||||
| A. | provide relevant payment services from its headquarters in the Kingdom. | |||||
| B. | Introduce himself - by any means and format - as a payment service provider in the Kingdom. | |||||
| C. | Call or provoke a person located in the Kingdom to enter into an agreement in relation to the payment service or offer to enter into this agreement. | |||||
| D. | Market or promote any payment service to one or more people in the Kingdom. | |||||
| E. | Appoint a person engaging in an establishment based in the Kingdom and authorize him to assume any of the following responsibilities: | |||||
| i. | The appointed person provides the payment service in the Kingdom on his behalf. | |||||
| ii. | The appointed person acts in accordance with his instructions. | |||||
| iii. | The appointed person provides the payment service on his behalf or provokes a person in the Kingdom or urges him to conclude a contract in relation to the payment service or offers the same to him. | |||||
| 2. | The provisions of the Regulations apply to all persons who operate payment systems - whether the system operator is based in or outside the Kingdom or execute its transactions inside or outside the Kingdom - in any of the following cases: | |||||
| A. | If the payment system operating rules specify the controls and conditions for transferring funds in relation to payment transactions established by the payer or payee who resides in the Kingdom. | |||||
| B. | If the payment system provides services for processing and settling payment orders for members residing in or working in the Kingdom. | |||||