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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 must safeguard Safeguarded Funds immediately upon receipt. The Payment Service Provider must comply with the following:
(a)
The placing of Safeguarded Funds in a separate account with a Licensed Bank, or any other method determined or deemed acceptable by SAMA; or
(b)
To be always in accordance with further applicable SAMA regulations, rules, instructions, controls, or circulars relevant to Safeguarded Funds.
(2)
Notwithstanding the generality of Paragraph (1) of this Article, where the Payment Service Provider continues to hold the Safeguarded Funds at the end of the business day following the day on which they were received, it must:
(a)
Place them in a separate account maintained by the Payment Service Provider with a Licensed Bank, that shall be named “Deposit and Safeguard of Funds of a Payment Service Provider’s Clients“ and include the name of the Payment Service Provider; or
(b)
Obtaining SAMA approval before investing the Safeguarded Funds, provided that the investment must be in such secure, liquid assets, and place those assets in a separate account with an authorized custodian.
(3)
The Payment Service Provider must verify that an agreement for an account in which Safeguarded Funds are placed with the Licensed Bank includes all the obligations stipulated in the Implementing Regulation or any instructions, controls or circulars issued by SAMA in this regard, provided that they include - as a minimum - the following:
(a)
Be governed by terms of business that clearly set out the roles and responsibilities of the Licensed Bank and the Payment Service Provider in accordance with relevant laws, regulations and rules.
(b)
Be designated as an account held for the purpose of safeguarding Safeguarded Funds and may not serve any other purpose and may not be linked to any financial obligation of that Payment Service Provider or of any other Person;
(c)
Be used only for holding Safeguarded Funds and not hold any funds received by way of the payment of fees or for use in the payment of operational expenses or the carrying on of any other Payment Service;
(d)
Be an account that no Person other than that Payment Service Provider may have any right to or interest in;
(e)
Be subject to a daily reconciliation mechanism with the relevant Payment Transactions and outstanding Electronic Money in accordance with the policies, procedures and controls of the Payment Service Provider;
(f)
Not be opened, closed, replaced or merged with another account before obtaining a non-objection letter from SAMA; and
(g)
Be compliant, at all times, with the Implementing Regulation and such other requirements as SAMA may specify.
(4)
A Payment Service Provider must obtain SAMA non-objection before the implementation of such policies and procedures relevant to Safeguarded Funds. SAMA may require changes to be made to such policies and procedures.
(5)
The policies, procedures and controls applicable to Safeguarded Funds must include relevant controls that govern access to Safeguarded Funds and make appropriate provisions for the seniority of employees that may exercise access to Safeguarded Funds.
(6)
A Payment Service Provider must obtain SAMA's approval before adopting additional safeguarding methods.
