Book traversal links for Article 8: License Term
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. |