Regulatory Alerts2021-02-13
Financial Frauds Through Prior Authorization and Notification Features
The Saudi Central Bank (SAMA) requires acquiring service providers and POS transaction hosts to exercise caution, adhere to international payment network directives, and restrict prior authorization and notification features exclusively to targeted sectors. Service providers must actively monitor and investigate suspicious or high-risk transactions relative to customer segments and transaction amounts, while implementing compliant fraud monitoring and detection systems. Full adherence is mandated with the Financial Fraud Prevention Guide issued under SAMA Circular No. 41.71315 dated 27/12/1441 AH, effective immediately.
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