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Article 45

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.The licensees shall comply with ongoing capital requirements in accordance with the provisions of this Article.
 2.The small payments company and the small electronic money company shall retain an amount equal to the initial capital requirements stipulated in Article 44 of the Regulations.
 3.

The large payments company shall retain an amount equal to the higher of any of the following values:

A.The initial capital requirements stipulated in Article 44 of the Regulations.
B.1% of the average value of monthly payment transactions at the large payments company.
 4.

The large electronic money company shall retain an amount equal to the higher of any of the following values:

A.The initial capital requirements stipulated in Article 44 of the Regulations.
B.2% of the total outstanding average electronic money.
 5.

The payment service provider shall provide SAMA with evidence indicating its compliance with ongoing capital requirements by submitting the following attachments:

A.A certified copy of a document issued by the competent authority in the Kingdom showing its paid-up capital.
B.A certified copy of the financial statements audited by a certified public accountant licensed to work in the Kingdom.
C.Any other means acceptable to SAMA.
 6.The payment service provider shall adhere to the relevant accounting standards in force in the Kingdom, and as determined by SAMA in this regard.