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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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(2)
The Payment Service Provider must make reasonable efforts to recover the Funds from the incorrect recipient of the Funds and the recipient’s Payment Service Provider. The Payment Service Provider may charge the Payment Service User a fee for trying to recover the Funds in accordance with the contract between a Payer and a Payment Service Provider. The Payee’s Payment Service Provider must provide co-operation to the Payer’s Payment Service Provider in recovering the Funds as much as possible.
(3)
If the Payer’s Payment Service Provider is unsuccessful in recovering the Funds, it has to provide - based on a written request from the payer- to the Payer all available relevant information in order for the Payer to claim recovery of the Funds.
(4)
SAMA may direct the Payment Service Provider to take specific actions according to the controls it sets, including refunding the Payer.
