Article 26
| Date(g): 13/6/2023 | Date(h): 24/11/1444 | Status: In-Force |
Translated Document
Effective from Jun 13 2023 - Jun 12 2023
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| 1. | Without prejudice to the responsibilities of the payment service provider with respect to its agents and electronic money distributors specified in Paragraph [2] hereinbelow, SAMA may supervise the agent or electronic money distributor directly or take any executive or corrective measure it deems necessary in accordance with its powers. Agents and electronic money distributors shall - in this case - be considered payment service providers. | |||
| 2. | A payment service provider that appoints an agent or distributor of electronic money shall comply with the following requirements: | |||
| A. | Verify the compliance of the agent and electronic money distributor and take all necessary steps to ensure the same, and the payment service provider shall assume the responsibility for all their actions, including obligations in relation to preserving protected funds in accordance with the provisions of Chapter VII of the Regulations. | |||
| B. | Establish the necessary policies, procedures, laws and controls to achieve its obligations, provided that they include - but are not limited to - the following: | |||
| 1. | The occupants of the senior positions at electronic money agents and distributors shall be qualified and able to perform the tasks assigned thereto, taking into account the requirements for appointment to senior positions. | |||
| 2. | Powers to supervise activities in relation to the provision of relevant payment services carried out by the agent or electronic money distributor. | |||
| 3. | Risks associated with dealing with, processing and authenticating agents and distributors of electronic money. | |||
| 4. | Training of employees of agents and electronic money distributors, to ensure that they properly carry out their duties in accordance with the Regulations and other relevant rules, regulations and decisions. | |||
| 5. | Procedures for removing any agent or distributor of electronic money when he violates the law or regulation or any of the relevant laws, regulations, decisions and instructions. | |||
| C. | The payment service provider shall submit an annual report to SAMA on agents and distributors of electronic money, the activities carried out and the tasks assigned thereto, and an evaluation of their performance, incidents and problems, as well as the mechanism for resolving the same according to the form determined by SAMA. | |||