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Effective from 2021-12-27 - Dec 26 2021 To view other versions open the versions tab on the right
19.
A bank wish to register itself as Indirect Participant must send application letter to SAMA along with following documents:
i)
Appointment Letter from Chief Executive Officer (CEO) or equivalent of the Indirect Participant proposing the appointment of Settlement Agent;
ii)
A letter from the Bank to SAMA explaining to why it is in the Bank’s interest to operate as Indirect Participant;
iii)
Draft Service Level Agreement between Settlement Agent and the Bank wishing to register itself as Indirect Participant; and
iv)
Current Year plus 3 year SAR Payment Instructions Volumes and Values forecast (Incoming and Outgoing) of the Indirect Participant.
20.
Based on review of the application letter and documents / information stated in article 19, SAMA will approve Bank’s registration as indirect participant to the Bank. SAMA may require additional information or may apply additional criteria on a case-by-case basis.
21.
SAMA may reject the request if SAMA is of the view that Bank does not satisfy the Saudi Arabian Riyal Interbank Express Indirect Participation Rules. SAMA can also reject the request if it is of the view that it would be best interest of Financial Sector for the Bank to be Participant.
