Schedule for Submitting Quarterly and Annual Financial Statements to SAMA

No: 44871/590

Date(g): 24/10/2023 | Date(h): 10/4/1445

Status: In-Force

Translated Document

Effective from 2023-10-24 - Oct 23 2023
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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 "The licensee shall submit to SAMA quarterly financial statements as determined by SAMA, taking into account that they are reviewed by an external auditor, and that these reports shall include any information specified by SAMA." Furthermore, paragraph Three of the same article states that "The licensee shall submit annual financial statements reviewed and audited by an external auditor to SAMA in accordance with the provisions to be determined by the latter."

Accordingly, SAMA emphasizes to payment service providers the necessity of complying with the following requirements to provide SAMA with:

First:	Submission of quarterly financial statements, 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).