Article 34: Revocation of License
Effective from 2020-08-25 - Jun 29 2021
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| a. | SAMA may terminate the license of any Money Changer (in whole or in part) if it violates any of the provisions of these Rules, relevant instructions or decisions, or decisions issued in implementation thereof, including, without limitation, in the following cases: | |
| 1. | If the Money Changer does not fulfill the requirements of the laws, regulations, rules or decisions, the application of which is supervised by SAMA. | |
| 2. | If the Money Changer fails to maintain one of the license requirements. | |
| 3. | If SAMA discovers that the license issued is based on false information. | |
| 4. | If SAMA discovers that the Money Changer’s conduct of business has been detrimental to the interest of its Customers or to the public interest. | |
| 5. | If the Money Changer prevents the inspection team assigned by SAMA from performing its duty. | |
| 6. | If the Money Changer refuses to provide SAMA with the information and documents it requests, or if such information or documents were incorrect or forged. | |
| b. | SAMA may terminate the license of any Money Changer if it fails to fulfill the business requirements, including, but not limited to: | |
| 1. | If SAMA discovers that the Money Changer is in a position that does not enable it to continue conducting its business. | |
| 2. | If the Money Changer goes bankrupt or defaults on its debts for a period more than three months. | |
| 3. | If the Money Changer’s accumulated losses reach 50% or more of its capital. | |
| 4. | If the Money Changer's business falls below the level that SAMA deems acceptable. | |
| 5. | Upon a request by the licensee to terminate its license if it is a sole proprietorship, or an agreement reached by the partners to dissolve the Money Changer before the license expiry date. | |
| 6. | If any of the reasons for dissolution set forth in the Companies Law exist. | |
| 7. | Upon the death of the owner of the Money Changer that takes the form of a sole proprietorship. | |
| c. | The Money Changer shall be notified in writing when the license is revoked, and it shall perform the following: | |
| 1- | Immediately stop practicing the activity related to the license revoked. | |
| 2- | Announce the dissolution of the Money Changer. | |
| 3- | Go into liquidation within a period not exceeding six months from the date the Money Changer is notified of the license revocation, provided that this is done in accordance with the relevant laws and SAMA has the right to assign a liquidator to carry out the liquidation process. | |
| 4- | Maintain and keep records and data at the disposal of SAMA for the period it specifies without prejudice to the provisions of the relevant laws. | |