Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
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SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
Without prejudice to other powers of SAMA under applicable laws, regulations and decisions, SAMA has the power to revoke or suspend the license granted to the licensee or suspend the practice of certain services or activities in any of the following cases:
A.
If the payment service provider does not provide any payment services in the Kingdom for at least six consecutive months.
B.
If the payment system does not process any payment orders in the Kingdom for at least twelve consecutive months.
C.
If the licensee expresses to SAMA his desire to cease to provide the relevant payment services or operating payment systems.
D.
If the licensee no longer meets the licensing requirements or fails to meet the same.
E.
If the licensee does not inform SAMA of any change in connection with circumstances that SAMA considers to be materially relevant to its compliance with the requirements of the Regulation, in accordance with the provisions of Article [39] of the Regulations.
F.
If the licensee commits a fundamental violation of the provisions of the Law and Regulations.
G.
If the licensee poses a threat to the stability of, or confidence in, the payment system at the discretion of SAMA.
H.
If SAMA deems it necessary to revoke the license in order to protect the interests of payment service users or members or to protect the market or financial stability in the Kingdom.
2.
Taking into account the provisions of Paragraph [4] of this Article, SAMA shall notify the licensee - before suspending or revoking the license - of the reasons for the suspension or revocation, giving him a period of thirty calendar days from the date of sending the notice to object to the decision. The objection shall not affect the validity of the suspension or revocation decision unless SAMA decides otherwise.
3.
SAMA may take the necessary measures and decisions to close or demand the liquidation of the licensed entity upon revocation of its license.
4.
SAMA may - when issuing a decision to suspend the license - specify a specific period for the suspension, or notify the licensee of the continuation of the suspension until the licensee is able to prove his compliance with the terms of the license and the provisions of the Regulations or complete any necessary procedures determined by SAMA.
