Article 5: Application to Contract with an Agent for Agent Banking

Effective from 2019-02-20 - May 02 2019
To view other versions open the versions tab on the right

1.	The Bank may use a super-agent to manage its other banking Agents, provided that the super-agent meets all the requirements of the Fit and Proper Assessment for Agent Banking stipulated in Article 13 hereof while retaining overall responsibility for the agency relationship.
2.	The Agent company shall have a commercial register that permits the engagement in Agent Banking business.
3.	The Agent shall apply for and receive necessary approval from the relevant supervisory and regulatory entity before the Bank applies for SAMA’s non-objection to the Agent to be contracted.
4.	The Bank may appoint its direct employees to perform or supervise Agent Banking business on the Agent premises. In the event that the Bank and its Agent agree on assigning the Agent Banking business to Agent’s employees upon Agent Banking contract, provisions of Article 19 hereof shall be observed.
5.	The Bank must provide a signed declaration by its Chief Executive Officer or a duly designated senior officer, confirming that the Bank has carried out the proper and fit assessment of the proposed Agent. The declaration must also indicate that the proposed Agent has met the minimum requirements of Agent Eligibility prescribed herein and has the competence to run Agent Banking business on behalf of the contracting Bank.
6.	After reviewing the complete applications in accordance with the provisions hereof, SAMA will notify the Bank of the result of the application.