A Licensee may apply to SAMA for cancellation of its License as prescribed by SAMA taking into consideration the impact on the sector’s integrity and financial stability in the Kingdom.
(2)
A License cancellation Applicant must provide SAMA with the following:
(a)
The reasons for the request to cancel its License;
(b)
The impact resulting from its cessation of carrying out providing Relevant Payment Services or operating a Payment System;
(c)
The projected date on which it will cease to carry on providing Relevant Payment Services or operating a Payment System; and
(d)
The evidence of discharging, or its ability to discharge, all obligations owed to its Clients.
