The Timing for Providing SAMA with Financial Statement (Annually & Quarterly)

No: 44871/590

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

Status: In-Force

Effective from 2023-10-24 - Oct 23 2023
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Based on the powers granted to the Saudi Central Bank under The Payment and Services Law issued by Royal Decree No. M/26 dated 22/03/1443 AH, and its Executive Regulations issued on 24/01/1444 AH—which stipulates in paragraph Two of "Article 120" that "The licensee must submit quarterly financial statements to the Central Bank as specified by the Central Bank, taking into account that these must be audited by an external auditor, and that these reports must include any information specified by the Central Bank." Furthermore, paragraph Three of the same article states that "The licensee is obligated to submit annual financial statements audited by an external auditor to the Central Bank as specified by the Central Bank."

Accordingly, the Central Bank emphasizes to payment service providers the necessity of complying with the following requirements to provide the Central Bank 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).