Regulatory Alerts2015-04-05
Rules, Procedures and Instructions Regulating Saudi Payment Systems
The Saudi Arabian Monetary Authority (SAMA) issued Decision No. 361000082764 to formally consolidate and mandate compliance with the Rules, Procedures, and Instructions Regulating Payment Systems in the Kingdom of Saudi Arabia. Licensed banks, financial institutions, and currency exchange practitioners are required to adhere to these consolidated regulations, which encompass operating rules for the Saudi Payment Network, prepaid services, the Sari transfer system, SADAD agreements, ATM service levels, and check clearing standards. SAMA will actively monitor implementation through the Banking Control System and will enforce regulatory measures against any non-compliance or violations.
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