Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
The licensee shall notify SAMA as soon as possible and within a period not exceeding ten calendar days if he becomes aware of the occurrence, or the possibility of the occurrence, of any of the following matters:
A.
Any event that prevents or disrupts the operation of one or more of the relevant payment services that it provides or the payment systems operated thereby.
B.
Any breach of his obligations under the Regulations or under the relevant laws, regulations and decisions.
C.
Any judicial action taken against him or any criminal judicial action taken against any member occupying senior positions, whether inside or outside the Kingdom.
D.
The commencement of any bankruptcy, wind-up, exit or liquidation proceedings or the appointment of any receiver, guardian or provisional liquidator under the law of any country.
E.
Any disciplinary action or penalty taken against him or imposed on him by a supervisory body other than SAMA inside or outside the Kingdom.
F.
Any change in the supervisory or regulatory requirements applicable thereto inside or outside the Kingdom, other than the requirements of SAMA.
G.
Fraud cases.
H.
Any other event determined by SAMA.
If any law, regulation or other rules specify shorter periods of time than the period specified in the Regulations, the notice shall be provided within the shorter period.
2.
Without prejudice to the notification obligations stipulated in Paragraph [1] of this Article, the licensee shall notify SAMA immediately upon discovery of any cybersecurity incident classified as “medium” or higher or any operational incident that may affect clients in accordance with the relevant instructions.
