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Article [49]

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. Subject to the provisions of this Article, a limited network service provider shall register with the SAMA as a limited network service provider as determined by the SAMA.
  2. The limited network service provider registered with the SAMA shall immediately notify the SAMA if payment transactions through the limited network exceed - or are likely to exceed - a total value of five million riyals during a period of twelve consecutive calendar months or a value of two million riyals in any month during such period.
  3. The notice to the SAMA shall include a description of the services of the limited network service provider, and the reasons for classifying the relevant transactions as limited network service.
  4. Notices shall be submitted to the SAMA at the end of the month or at the end of the twelve-month period referred to in Paragraph [2] of this Article or as determined by the SAMA.
  5. The SAMA has the authority to oblige any person subject to the provisions of this Article to submit an application for a license.