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Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
A Licensee must comply with the Outsourcing Rules in a manner sufficient to ensure compliance with its obligations under Part 4 of the Implementing Regulation.
2.
A Licensee must obtain a non-objection letter from SAMA in the event of its intention to enter into a contract with another Person under which that other Person will carry out material functions relating to its provision of Relevant Payment Services or operation of a Payment System.
3.
Where a Licensee intends to outsource material functions, the Licensee shall consider the following:
(a)
The outsourcing is not undertaken in such a way as to impair or adversely affect:
(i)
The quality of the licensee’s internal controls (including over the outsourced services);
(ii)
The powers of SAMA to monitor the licensee’s compliance with the Law and the Implementing Regulation and the licensing requirements.
(iii)
The relationship and obligations of the Licensee towards its Payment Service Users or Members.
(iv)
Compliance with the conditions which the licensee must observe in order to be licensed; and
(v)
Adherence to the conditions of the License.
(b)
Outsourcing of functions shall not lead to delegating the Licensee's responsibilities to comply with the Implementing Regulation by the Senior Positions;
4.
For the purposes of the Paragraph (3) of this Article, functions are considered material if a defect or failure in its performance would materially impair any of the following :
(a)
Compliance with the licensee with the Law and the Implementing Regulation or any of the License requirements;
(b)
The financial performance of the licensee.
(c)
The soundness or business continuity of the Relevant Payment Services or the Payment System.
5.
The licensee must notify SAMA of any change in outsourced functions or the Persons to which functions are outsourced.
6.
Where a Licensee outsources functions, it remains liable to its Clients and to SAMA.
