Article 25
| 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. | An electronic money company that wishes to appoint an electronic money distributor shall adhere to the following requirements: | |||||
| A. | Submit a business plan to SAMA - at least thirty calendar days before the electronic money distributer begins exercising its duties under the appointment thereof - showing the following: | |||||
| 1. | The expected number of electronic money distributors and their locations. | |||||
| 2. | Data of the persons to be appointed as electronic money distributors, and proof of their registration, in addition to obtaining the necessary licenses, permits and approvals from SAMA and the competent authorities to practice their activities. | |||||
| 3. | The policies, procedures, laws and controls under which electronic money distributors shall be appointed, and the mechanism for supervising the same by the payment service provider. | |||||
| 4. | Activities in relation to the provision of relevant payment services that electronic money distributors will undertake. | |||||
| 5. | Any other data, information or documents requested by SAMA. | |||||
| B. | Notify SAMA at least ten working days prior to concluding any contract to appoint an electronic money distributor, and SAMA may object to the appointment during this period. | |||||
| 2. | The payment service provider shall verify that the electronic money distributer complies with the following requirements: | |||||
| A. | An electronic money distributor shall be prohibited from issuing electronic money on behalf of an electronic money company, and his role shall be limited to distributing electronic money on behalf of an electronic money company in an electronic money account or redeeming the same. | |||||
| 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. | |||||