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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.
Notwithstanding the Payment Service Provider’s responsibilities towards its Agents and Electronic Money Distributors specified in Paragraph (2) below, SAMA may supervise an Agent or Electronic Money Distributor directly or take any enforcement or remedial action in accordance with its powers where it deems it necessary. For such purposes only, Agents and Electronic Money Distributors are considered Payment Service Providers.
(2)
A Payment Service Provider that appoints an Agent or an Electronic Money Distributor must comply with the following:
(a)
Must take all necessary steps to ensure that the Agent and Electronic Money Distributor are acting in compliance and must be responsible for all acts and omissions of the Agent and Electronic Money Distributor (including the compliance with the obligations to safeguard Safeguarded Funds according to the provisions of Part 7 of the Implementing Regulation;
(b)
Must put in place policies, procedures and systems and controls necessary to meet its obligations, including but not limited to the following:
(i)
The occupants of Senior Positions at Agent and Electronic Money Distributor are fit and proper to carry out the activities for which they have been appointed (taking into account the Fit and Proper Requirements);
(ii)
The powers to oversee activities relating to the provision of Relevant Payment Services that are carried out by an Agent or Electronic Money Distributor;
(iii)
Disclosure to Payment Services users of its relationship with the Agent or Electronic Money Distributor;
(iv)
Risks associated with the use of Agents and Electronic Money Distributors are addressed and documented;
(v)
Personnel of Agents and Electronic Money Distributors receive appropriate training in order to ensure that they carry out their activities competently and in compliance with the Implementing Regulation and other relevant laws, regulations and decisions; and
(vi)
Procedures to remove any Agent or Electronic Money Distributor that has contravened a requirement of the Law and the Implementing Regulation and other relevant laws, regulations, decisions and instructions.
(c)
Payment service provider must submit an annual report to SAMA regarding the Agents and Electronic Money Distributor, their activities and tasks, their performance evaluation, accidents and problems, and the mechanism for addressing them, according to the form determined by SAMA.
