Article 24
| Date(g): 13/6/2023 | Date(h): 25/11/1444 | Status: In-Force |
Translated Document
Effective from Jun 13 2023 - Jun 11 2023
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| 1. | The payment service provider shall obtain a letter of no-objection from SAMA before appointing any agent to provide any payment service and shall submit with its application a business plan according to a form approved by SAMA, provided that the application includes - as a minimum - the following details: | |||
| A. | The expected number of agents and their locations. | |||
| B. | Data of the persons to be appointed as agents, together with the proof of their registration, in addition to obtaining the necessary licenses, permits and approvals from SAMA and the competent authorities to carry out their activities. | |||
| C. | The policies, procedures, laws and controls under which agents shall be appointed and the mechanism for supervising the same by the payment service provider. | |||
| D. | Activities in relation to the provision of relevant payment services to be undertaken by agents. | |||
| E. | Any other data, information or documents requested by SAMA. | |||
| 2. | SAMA’s no-objection to appoint the agent shall be deemed void if the approved agent does not begin practicing his activities within nine months from the date of issuance of the no-objection letter, and SAMA may extend this period as it deems appropriate. | |||
| 3. | SAMA has the authority to withdraw the no-objection to appoint an agent, in the event that the agent or payment service provider, who appointed him, thereby violates the provisions of the Regulations or other applicable rules, regulations or decisions. | |||
| 4. | The payment service provider shall verify that the agent - when carrying out activities on his behalf - adheres to the following requirements: | |||
| A. | The agent shall be prohibited from issuing electronic money on behalf of an electronic money company, provided that the agent distributes or redeems electronic money on behalf of an electronic money company for the benefit of an electronic money account. | |||
| B. | Verify that there is no violation of the provisions of the Task Assignment Rules. | |||
| C. | Practice activities that are permitted to be carried out only, in accordance with the relevant laws and regulations. | |||