Article 10: Cancellation of Approval and Non-Commencement of Money Changing Business

Cancellation of Approval and Non-Commencement of Money Changing Business a. SAMA’s approval shall be deemed cancelled in the event of non-completion of application procedures and not obtaining the license within six months from the date of the approval. SAMA may extend this period. b. SAMA’s license shall be deemed cancelled if the Money Changer fails to commence its business within three months from the date of license issuance. SAMA may extend this period. c. The fees collected are non-refundable in case the license was revoked.