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Article 46

Date(g): 13/6/2023 | Date(h): 25/11/1444 Status: In-Force

Effective from Jun 13 2023 - Jun 12 2023
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 1.The payments account information services provider or payment creation services provider shall have valid malpractice insurance or any similar guarantee.
 2.

Malpractice insurance shall cover the potential liability of payments account service providers and payment service users resulting from any of the following, unless SAMA specifies a certain amount: 

A.Fraudulent unauthorized access to or use of payments account information in connection with the payments account information services.
B.The unauthorized payment transactions, non-execution, defective or late execution of transactions, and the resulting liability for fees, interest and recourse, in connection with the payment origination services