Article 70
| 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 payment service provider shall have a risk-based policy that explains the limits of the payment service user’s transaction and the limits of the total outstanding electronic money. | |||
| 2. | The payment service provider shall, before making any change to the policy - referred to in the foregoing paragraph - obtain a non-objection from SAMA in accordance with the provisions of Article [39] of the Regulations and provide details of the updated policy if SAMA requests so. | |||
| 3. | SAMA may direct the payment service provider to set the limits of payment service user’s transactions at the levels to be determined thereby, in the event - for example - of non-compliance with certain regulatory standards or requirements in relation to risk management or governance, as SAMA deems appropriate. | |||