Schedule for Submitting Quarterly and Annual Financial reports to SAMA
| No: 44871/590 | Date(g): 24/10/2023 | Date(h): 10/4/1445 | Status: In-Force |
Translated Document
Based on the powers vested to SAMA under The Law of Payments and Payment Services issued by Royal Decree No. M/26 dated 22/03/1443 H, and its Implementing Regulations issued on 24/11/1444 H—which stipulates in paragraph Two of "Article 120" that "A Licensee is obliged to submit to SAMA quarterly financial reports (to be reviewed by an external auditor), which include any information that SAMA deems necessary." Furthermore, paragraph Three of the same article states that "A Licensee is obliged to submit to SAMA annual financial statements (reviewed and audited by an external auditor) in a way determined by SAMA."
Accordingly, SAMA emphasizes to payment service providers the necessity of complying with the following requirements to provide SAMA with:
| First: | Submission of quarterly financial reports, including those for the (first, second, and third quarters) audited by an external auditor, along with the auditor's report, within 45 days following the end of the quarter. |
| Second: | Submission of the annual financial statements audited by an external auditor, along with the auditor's report, within 90 days from the end of the fiscal year (December 31). |