Article 17
| 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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| 1. | SAMA shall determine the licensing period for a payment service provider, not to exceed five years. | |||
| 2. | SAMA shall determine the duration of the payment system operator license for each application on a case-by-case basis. | |||
| 3. | SAMA may renew the license - for a similar period or another period to be determined by SAMA - based on the licensee’s request after meeting the requirements stated in the regulations. | |||
| 4. | An application for license renewal shall be submitted to SAMA at least six months prior to the expiry of the original or renewed term of the license, in accordance with the form specified by SAMA. | |||
| 5. | The licensed payment system operator shall attach to the renewal application a program of transactions in a format approved by SAMA. | |||
| 6. | The payment service provider shall attach a three-year business plan, in addition to the following: | |||
| A. | Marketing plan, taking into account existing products and planned products. | |||
| B. | Relevant policies and procedures. | |||
| C. | Projected financial statements, annual revenues and expenses, financial margins and targeted growth rates compared to the payment service provider’s performance over the past three years, taking into account any amendments to its strategy and business plan. | |||
| D. | Expected liquidity and capital adequacy ratios versus liquidity levels and solvency ratios for the past three years, taking into account any amendments to the payment service provider’s strategy and business plan. | |||
| E. | Estimation of the ongoing funding for transactions. | |||
| F. | The branches to be established, if any. | |||
| G. | A report on the risks to which the payment service provider was exposed during the past three years, and the mechanism for dealing with them, including cases of non-compliance with applicable laws, regulations and decisions, and future plans and programs for risk management and compliance. | |||
| H. | The current number of employees and the percentage of citizens among them in each department and institutional level in accordance with the relevant regulations and instructions. | |||
| I. | Employment and training plan, which includes training and qualification programs for employees. | |||
| J. | Any other documents and information that SAMA may request. | |||
| 7. | Complete the payment of the financial fees required to renew the license when submitting the renewal application. | |||