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Article 22

No: 000044093096 Date(g): 13/6/2023 | Date(h): 24/11/1444 Status: In-Force
 (1)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.