Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
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.
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 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 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 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 SAMA.
