Regulatory Alerts2021-12-27
Circular Re. Rules of Saudi Arabian Riyal Interbank Express Indirect Participation
The Saudi Central Bank (SAMA) issues rules governing the eligibility, registration, and operational requirements for banks participating indirectly in the Saudi Arabian Riyal Interbank Express (SARIE) system. These regulations mandate strict risk management, prudential requirements, and the establishment of legally enforceable Service Level Agreements between Indirect Participants and their appointed Settlement Agents. Compliance includes specific reporting obligations for statistical returns and incident notifications to ensure the safety and integrity of the interbank payment infrastructure.
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