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Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
The licensee shall adhere to the Task Assignment Rules in a way that ensures the licensee’s ability to fulfill his obligations in accordance with Chapter IV of the Regulations.
2.
The licensee shall obtain a non-objection from the SAMA if he wishes to conclude a contract with another person to carry out essential tasks in relation to providing the relevant payment services or operating the payment system.
3.
When the licensee wishes to assign essential tasks, he shall take into account the following measures:
A.
Tasks shall not be assigned in a way that causes harm or negatively affects the following matters:
1.
The quality of the licensee’s internal controls, including the assigned services.
2.
The powers of the SAMA to monitor the licensee’s compliance with the Law, Regulations, and licensing conditions.
3.
Licensee's relationship and obligations with respect to the payment service users or members.
4.
Compliance with the conditions that the licensee shall meet to obtain the license.
5.
Compliance with the license conditions.
B.
Assignment of tasks shall not result in the occupants of senior positions delegating compliance with the responsibilities of the licensee in accordance with the provisions of the Regulations.
4.
For the purposes of the Paragraph [3] of this Article, tasks are essential if a defect or malfunction in their performance materially affects any of the following:
A.
The licensee’s compliance with the Law and Regulations or any of the license conditions.
B.
The financial performance of the licensee.
C.
The integrity or continuity of the relevant payment services business or payment system.
5.
The licensee shall notify the SAMA of any change in the functions assigned to tasks or the persons to whom those functions are assigned.
6.
The licensee who assigned the tasks shall assume the responsibility vis-à-vis his clients and before the SAMA.
