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Article 89

Date(g): 13/6/2023 | Date(h): 25/11/1444 Status: In-Force

Translated Document

Effective from Jun 13 2023 - Jun 11 2023
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  1. Without prejudice to the provisions of Paragraph [8] of this Article and Article 79.1 of the Regulations, if an unauthorized payment transaction is carried out properly, the payment service provider shall refund the amount of the unauthorized payment transaction to the payer, and - as the case may be - restore the debit payments account to the state it was in if the unauthorized payment transaction had not been executed.
  2. The payment service provider shall refund the amount of the payment transaction to the payer through a deposit in accordance with the provisions of Paragraph [1] of this Article as soon as possible, and not later than the end of the working day following the day on which it became aware of the unauthorized transaction.
  3. The provisions of Paragraphs [1, 2 and 6] of this Article shall not apply if the payment service provider has reasonable grounds to suspect fraudulent behavior by the payment service user and shall notify SAMA and the competent authorities of those reasons in writing.
  4. When refunding the amount through a deposit in the payments account in accordance with the provisions of Paragraph [2] of this Article, the payment service provider shall verify that the date on which the amount of the payment transaction is credited to the payee's payments account does not exceed the date on which the amount of the unauthorized payment transaction was debited.
  5. If an unauthorized payment transaction is executed by the payment creation service provider, the payments account service provider shall comply with the provisions of Paragraph [1] of this Article. In the event that the payment creation service provider is responsible for the unauthorized payments transaction in accordance with the provisions of Article 79.4 of the Regulations, he shall, upon the request of the payments account service provider, immediately compensate the payments account service provider for the losses sustained or the amounts paid - including the amount of the unauthorized payment transaction.
  6. Without prejudice to the provisions referred to in Paragraphs [1, 2, 3, 4 and 5] of this Article, the payment service provider shall notify the payment service user of the findings of the investigation and pay any refund or financial compensation due to the payment service user within seven days of the payment service provider completing any investigation regarding an error or complaint or upon receiving any instructions from any competent authority in the Kingdom. In the event of delay in paying any refund or compensation amount, the payment service provider shall notify the payment service user of the expected time to deposit the due amount and the justifications for the delay.
  7. The payment service provider shall maintain records relating to the processing of refunds or compensation and shall include the matters referred to in Articles 87 and 88 of the Regulations, timelines for response and reasons for delay for a period of ten years from the date of the end of the investigation. These records shall also be submitted to SAMA on an ongoing basis as determined by SAMA, taking into account that the refunds against the original transaction shall be recorded with the serial number of the original transaction.
  8. The payment service user may recover the funds under this Article if he notifies the payment service provider - without undue delay - upon becoming aware of any unauthorized payment transaction and within a maximum period not exceeding six months after the date of settlement, unless the payment service provider fails to provide the information in relation to the payment transaction required in accordance with the provisions of Chapter VI.