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41.
Settlement Agent must file statistical report return relating to its Indirect Participants within 5 working days of the month end as prescribed in Appendix 1.
42.
Settlement Agent must report all operational incidents and/or credit events relating to services provided to its Indirect Participants within 24 hours of the incident / event occurrence followed by a full report within 7 working days of occurrence detailing the cause(s) of event along with remedial action taken to avoid repetition.
43.
Similarly, Indirect Participant must report all operational incidents and/or credit events relating to services provided by its Settlement Agent within 24 hours of the incident / event occurrence followed by a full report within 7 working days of occurrence detailing the cause(s) of event along with remedial action taken to avoid repetition.
44.
In case of an operational incident and / or credit event, SAMA encourages both parties to work closely with each other to remediate the effect(s) of incident / event effectively and efficiently. SAMA also encourages both parties to submit joint report instead of submitting separate reports as prescribed in article 42 and 43 of these rules. In case, either Settlement Agent or Indirect Participant submits a joint report, then both parties will be no longer required to submit separate reports as prescribed in articles 42 and 43 of these rules.
45.
Banks are required to submit a copy of the report to SAMA via the following email address: Sarie-Business@SAMA.GOV.SA
