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Introduction of a Rule Entitled, “Aggregate Accounts for Depositing and Holding the Funds of Payment Services Providers’ Customers

No: 42073085 Date(g): 1/6/2021 | Date(h): 21/10/1442

Translated Document

Effective from 2021-06-01 - May 31 2021
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With reference to Rule No. (300) containing the rules for opening bank accounts for legal persons, contained within the Rules for Bank Accounts, communicated by SAMA'S Circular No. (65681/67) dated 11/11/1440 H. We inform you that the following has been decided:

1. Creating a rule below the above-mentioned rule No. (300-1-3-7), titled: Collection Accounts for Depositing and Retaining the Funds of Payment Companies’ Clients, according to the attached formula.

2. Adding a definition of Payment Service Providers (PSPs) under Chapter(I) on Definitions as follows: "Any entity qualified and licensed by SAMA to provide one or more payment services in the Kingdom in accordance with SAMA'S relevant instructions".

New Rule No. (300-1-3-7) within Rule No. (300) which includes the rules on the requirements for opening bank accounts for legal persons

300-7-3-1/ Pooled accounts for depositing and keeping funds of customers of payment service providers:

  1. Pooled accounts for the deposit and custody of payment service providers' customers' funds shall be opened and managed in accordance with the following requirements: 
  2. A letter from the Chairman of the Board of Directors of the Payment Service Provider or his authorized representative addressed to the Bank stating the purpose of opening the account “Deposit and Custody of Funds of (Name of Payment Service Provider) Customers” and who is authorized to manage it. 
  3. A copy of SAMA's no-objection letter on the opening of the aggregate account by the Payment Service Provider for the purpose of “depositing and keeping the funds of the Payment Service Provider's customers”.
    A copy of all the founding documents of the PSP, including the Memorandum of Association, Articles of Association, and the decision to form the Board of Directors.
  4. A copy of the identities of those authorized to manage the account.
  5. The name of the Account shall be “Deposit and Custody of customers Funds of (Name of Payment Service Provider)”.
  6. The Account shall be separate and independent from the accounts for the conduct of the Company's business, including fees and commissions charged by the Company, and shall not be subject to any financial obligations or rights of the Company.
  7. Payments or transfers of funds to any other account other than payment orders issued by customers are not permitted, unless proof of no objection from SAMA is provided.
  8. Cash deposits/withdrawals from the account are not permitted.