Law of Payments and Payment Services

1. Without prejudice to any harsher penalty stipulated in any other law, any person who violates this Law or its regulations shall be punished by one or more of the following penalties: a) A warning notice. b) Temporary license suspension. c) A fine not exceeding 25 million riyals. d) License revocation. Law of Payments and Payment Services 2. The Board shall, pursuant to a decision issued thereby, issue a table classifying violations and prescribing penalties within the limits stipulated in paragraph (1) of this Article, taking into account the nature and gravity of the violation as well as aggravating and mitigating circumstances. 3. SAMA shall have the jurisdiction to consider violations of this Law and its regulations and to impose penalties as prescribed in the table referred to in paragraph (2) of this Article. 4. An interested party may appeal SAMA’s decisions within 60 days from the date of notification thereof. 5. A judicial decision issued by a competent judicial authority or a penalty decision issued by SAMA, as the case may be, may provide for the publication of the ruling at the violator’s expense in a local newspaper published in his area of residence or the area in which he practices his business, or in any other appropriate medium, as per the type, gravity, and impact of the violation, provided that the publication is made after the decision issued by the competent judicial authority becomes final or the decision issued by SAMA becomes unappealable due to the lapse of the statutory period for appeal or to being upheld by the competent judicial authority. 6. Imposition of a penalty on a legal person shall not exempt the natural person, whether a board member, director, or any other officer employed by said legal person, from liability and due penalty if it is established that the violation or offense was committed with his consent or due to his negligence or omission.