Article 10: Cancellation of Approval and Non-Commencement of Money Changing Business
Effective from 2020-08-25 - Jun 29 2021
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| a. | SAMA’s approval shall be deemed cancelled in the event of non-completion of application procedures and not obtaining the license within six months from the date of the approval. SAMA may extend this period. |
| b. | SAMA’s license shall be deemed cancelled if the Money Changer fails to commence its business within three months from the date of license issuance. SAMA may extend this period. |
| c. | The fees collected are non-refundable in case the license was revoked. |