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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.
A Payment Service Provider must obtain a non-objection letter from SAMA before it appoints an Agent for the provision of any Payment Service and submit a business plan in a form satisfactory to SAMA; the Application must include at least the following:
(a)
The anticipated number and location of the Agents;
(b)
The data of Persons that are intended to be appointed as Agents, as well as evidence that such Persons have obtained all necessary registrations, licenses and permissions from SAMA and other competent authorities in order to carry out their activities;
(c)
The policies, procedures, systems and controls that the Payment Service Provider will use to select and supervise the Agent;
(d)
The activities relating to the provision of Relevant Payment Services that are to be carried out by the Agents; and
(e)
Such other information, data or documents as SAMA may request.
(2)
SAMA’s non-objection to the appointment of an Agent shall be deemed cancelled if the approved Agent does not commence its activities within a nine-month period from the date of issuing SAMA’s non-objection. SAMA may extend this period if it deems appropriate.
(3)
SAMA may revoke its non-objection to the appointment of an Agent where an Agent or the Payment Service Provider that appointed it has contravened the provisions of the Implementing Regulation or other applicable laws, regulations or decisions.
(4)
The Payment Service Provider must ensure the compliance of the Agent when acting on its behalf according to the following:
(a)
May distribute or redeem Electronic Money on behalf of an EMI into an Electronic Money account but may not issue Electronic Money on behalf of an EMI;
