300.1.3.7 Collection Accounts for Depositing and Retaining the Funds of Payment Companies’ Clients
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Effective from Apr 20 2025 - Apr 19 2025 To view other versions open the versions tab on the right
The collection accounts for depositing and retaining the funds of payment companies’ clients shall be opened and managed in accordance with the following requirements:
1.
A letter from the Chairperson of the Board of Directors of the company or their authorized representative to the bank, stating the purpose of opening the account under the name “Deposit and Retention of the Funds of (name of payment company)‘s Clients”, and identifying the persons authorized to manage the account.
2.
A copy of SAMA’s non-objection letter to open a collection account for the company for the purpose of depositing and retaining the funds of their clients.
3.
Copies of all the company’s incorporation documents, including the memorandum of association, articles of association and Board formation decision.
4.
Copies of the IDs of persons authorized to manage the account.
5.
The name of the account shall be “Deposit and Retention of the Funds of (name pf payment company)‘s Clients”.
6.
The account shall be separate and independent from the accounts opened for managing the company’s business, including the fees and commissions collected by the company. The account shall not be used for any financial obligations or rights of the company.
7.
Payment transactions and transfer of money to other accounts, other than the payment orders made by clients, shall only be made after submitting SAMA’s non-objection for such transaction.
8.
Cash deposits to or withdrawals from the account shall not be allowed.
