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  • Chapter 4: Scope of Application on the Licensees

    • Article 47

      SAMA has the power to exempt Payment Services Providers from the application of any of the provisions of Part 4 according to the criteria it sets and in a manner that does not conflict with the objectives of the Law and the Implementing Regulation.
       

    • Article 48

       

       (1)A Licensed Bank that provides Relevant Payment Services is exempted from the requirement to apply for a License under the Implementing Regulation.
       
       (2)SAMA shall specify the provisions of the Implementing Regulation that a licensed bank must comply with when providing Relevant Payment Services, in accordance with its nature and in a manner that achieves the objectives of the Law and the Implementing Regulations.
       

    • Article 49

       

      (1)Subject to the remainder of this Article, the provider of a Limited Network Service must register with SAMA as a provider of a Limited Network Service in the manner designated by SAMA.
       
      (2)A registered Provider of a Limited Network Service-with SAMA- must notify SAMA immediately if its execution of transactions within the context of a Limited Network Service exceeds (or will likely be expected to exceed) the aggregate value of five million SAR in any period of twelve consecutive calendar months, or the value of two million SAR in any month in that twelve-month period.
       
      (3) The notification to SAMA must include a description of Limited Network Service provider services and its reasons for categorizing the relevant transactions as a Limited Network Service.
       
      (4) Notifications and information provided to SAMA under Paragraph (2) of this Article must be given within such time and in such form as SAMA may direct after the end of the relevant month or period of twelve months.
       
      (5) A Person to which this Article applies may be required by SAMA to apply for a License.