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1.2.6. Merchant Account

No: BCT/15631 Date(g): 2/5/2012 | Date(h): 11/6/1433 Status: In-Force

The Merchants Account refers to an account held with the Acquiring Bank used solely for the purposes of settlement of POS transactions. All current SAMA rules are applicable to the opening and maintenance of this account. This account must be settled on a regular basis.