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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.
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Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
(1)
A Payment Service Provider – when providing relevant Payment Services under a Framework Contract- must provide to each of its Payment Service Users services with the Framework Contract before the execution of the Payment Services, or immediately afterward where the service is provided at the Payment Service User’s request through a means of distance communication and it is not possible to provide the information beforehand, and such agreement must (at minimum) include the following information:
(a)
The schedule of fees, charges, commissions and currency, including conversion rates and withdrawal charges,
(b)
The legal name, registered address and relevant contact details for the Payment Service Provider;
(c)
The provisions and procedures for giving consent to the initiation of a Payment Services Order or execution of a Payment Transaction and for the withdrawal of consent;
(d)
The means of communication between the Payment Service Provider and the Payment Service User;
(e)
How and within what period of time the Payment Service User is to notify the Payment Service Provider of any unauthorized or incorrectly initiated or executed Payment Transactions and the Payment Service Provider’s liability for such Transactions;
(f)
Information relating to how terms and conditions can be amended, the duration of the contract and the rights of the parties to terminate a Framework Contract;
(g)
The maximum time in which Payment Transactions will be executed; and
(h)
Any other necessary information to meet the Consumer Protection Requirements and Principles in accordance with Article 50.
(2)
A Payment Service Provider should provide a copy of the Framework Contract to the Payment Service User on request through the term of the contractual relationship.
