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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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Effective from Jun 13 2023 - Jun 12 2023 To view other versions open the versions tab on the right
1.
The SAMA may direct the licensee to take one or more corrective measures to ensure its compliance with the provisions of the Law and Regulations or relevant instructions, decisions or circulars, including:
A.
Take any measures to correct the current situation according to the specified method and time period.
B.
Close one of its branches or platforms.
C.
Stop dealing with one or more of its agents or distributors.
D.
Suspend, restrict or prohibit certain services or products.
E.
Establish restrictions and controls for gradual cessation.
2.
Without prejudice to the powers of the SAMA under Article [12] of the Law, the SAMA shall issue a penalty decision against whoever violates the provisions of the Law and the relevant regulations, instructions or decisions, in accordance with the schedule for classifying violations and determining penalties.
3.
Without prejudice to the powers of the Banking Disputes Committee, the licensee shall, upon the issuance of the SAMA’s decision to cancel the license and in accordance with its directives, take the following measures:
A.
Immediately cease to practice the activity relating to the revoked license.
B.
Announce the dissolution of the licensee - in the manner determined by the SAMA - taking into account any other requirements under the relevant laws, regulations and decisions.
C.
Enter into liquidation proceedings within a period not exceeding six months from the date of notifying the licensee of the revocation of the license. The SAMA has the right to appoint a liquidator to carry out the liquidation process, provided that all of the foregoing is executed in accordance with the relevant regulations.
D.
Preserve and keep records and data at the disposal of the SAMA for the period determined thereby, in a manner that does not conflict with the relevant regulations.
4.
The SAMA shall follow up on the action plan for implementing corrective measures according to the time period determined thereby.
