Article 33: Penalties and Corrective Actions
Effective from 2020-08-25 - Aug 24 2020
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| a. | Without prejudice to any more severe penalty stipulated in any other law, SAMA may take one or more of the following actions against the licensed Money Changer that violates the provisions of these Rules, instructions, or relevant decisions or decisions issued in implementation thereof: |
| 1. | Notifying the Money Changer of the irregularities in its business. |
| 2. | Issuing a warning to the Money Changer. |
| 3. | Requiring the Money Changer to take any actions to correct the existing situation in the form and time specified. |
| 4. | Requiring the Money Changer to close one of its branches or platforms. |
| 5. | Suspending, restricting or prohibiting specific services or products provided by the Money Changer. |
| 6. | Temporarily suspending the license. |
| 7. | Revoking the license in whole or in part. |
| 8. | Imposing a fine not exceeding ten thousand riyals in accordance with Article (12) of SAMA's Charter. |
| 9. | Applying the penalties stipulated in the relevant laws, as the case may be. |
| b. | The penalties and decisions applied shall be published on SAMA’s website. |