Book traversal links for 14,2 عدم الالتزم
2.14 Non-compliance
No: م أ ق/15631 | Date(g): 2/5/2012 | Date(h): 11/6/1433 | Status: In-Force |
Effective from Jan 31 2025 - Jan 30 2025
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If SAMA finds that a bank has failed to comply with the rules contained in this document , it may take one or more of the following measures:
- impose fines on prepaid service providers;
- impose, for any specified period, limitations or other restrictions in relation to carrying out prepaid payment service provision by an issuer or acquirer;
- require a prepaid service provider to provide restitution to their customers; and
- request removal of outsourced service providers.
In applying penalties for non-compliance SAMA will be guided by the level of penalties identified in Article 23 of the 'Banking Control Law', No. M/5 Dated 22.2.1386.