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Article 8: License Term

Effective from 2020-08-25 - Jun 29 2021
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a.The license shall be valid for a maximum of five years, renewable for a similar period or another period specified by SAMA.
 
b.The Money Changer must submit an application to renew the license at least six months before its expiration, in accordance with renewal requirements set by SAMA.
 
c.The Money Changer shall not conduct Money Changing Business if the license expires without renewal. If a month has passed since the expiration of the license without a renewal application from the Money Changer, or when such period has passed without meeting the renewal requirements, SAMA may revoke the license.