Article 9
| No: 000044093096 | Date(g): 13/6/2023 | Date(h): 24/11/1444 | Status: In-Force |
Translated Document
Effective from Jun 13 2023 - Jun 12 2023
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The applicant for a license to operate payment systems - or his representative - shall submit the license application to SAMA, attaching the following documents:
| 1. | License application form as determined by SAMA. | |||
| 2. | The applicant’s draft articles of association and articles of incorporation, or approved copies thereof if the entity is established outside the Kingdom, taking into account the relevant regulations in the Kingdom. | |||
| 3. | Description of the applicant’s organizational structure, explaining all administrative units, their main roles and tasks and details of the roles of senior positions. | |||
| 4. | A list of all controllers, indicating their number and the percentage of ownership owned by each of them, along with attaching suitability forms for controllers signed by them, as determined by the requirements for appointment to senior positions issued by SAMA for all financial sectors. | |||
| 5. | Suitability forms for occupants of senior positions as determined by the requirements for appointment to senior positions and issued by SAMA for all financial sectors. | |||
| 6. | Operating rules. | |||
| 7. | A description of the systems and controls and a copy of the processing and exit plans from the market, taking into account the provisions of Article [105.1.F] of the Regulations, in addition to a self-evaluation form in accordance with the provisions of Article [106] of the Regulations. | |||
| 8. | A detailed program of transactions that includes relevant policies and procedures and a description of systems and controls, and demonstrates the ability to meet the requirements stipulated in the Law and Regulations on an ongoing basis, in accordance with the model approved by SAMA in this regard. | |||
| 9. | An irrevocable bank guarantee issued in favor of SAMA by any of the licensed banks in the Kingdom, according to the form determined by SAMA in an amount equivalent to the minimum capital required for the licensed activity or activities for which the applicant requests a license. The bank guarantee shall be automatically renewed until the full required capital is paid. The bank guarantee shall be deemed void in the following cases: | |||
| A. | Pay the capital in full in accordance with the provisions of the Regulations, unless SAMA decides to continue the bank guarantee in whole or in part or requests the provision of a bank guarantee for the post-licensing phase as it deems appropriate, as additional precautionary requirements. | |||
| B. | If the license application is withdrawn. | |||
| C. | SAMA rejects the license application. | |||
| 10. | Draft proposed agreements and contracts that contain substantive obligations with third parties, including agreements and contracts concluded with related parties and third-party service providers. | |||
| 11. | Any other documents or information that SAMA may request. | |||