Effective from 2020-10-10 - Oct 09 2020 To view other versions open the versions tab on the right
Subject to the outsourcing instructions issued by SAMA, the Money Changer shall be responsible for complying with the provisions of these Rules when outsourcing any functions to a Third Party. The Money Changer seeking to outsource some work and functions to a Third Party must:
a.
Have an approved outsourcing policy that is periodically reviewed and applied to all outsourcing operations.
b.
Ensure that there are no obstacles preventing SAMA from accessing data and inspecting the Third party.
c.
Ensure that the Third Party is licensed to practice its commercial activity.
d.
Sign a written and fixed-term contract detailing the rights and obligations of both parties.
e.
Not deal with any Third Party that is proven to have supplied one of its contracting Money Changers with false or inaccurate information under these Rules.
