Regulatory Alerts2021-05-06
GCC Payments System (AFAQ) Remittance Service Document for the Local Banking Sector
The Saudi Central Bank (SAMA) issued these Operating Rules to establish the legal and operational framework for cross-currency payments via the AFAQ Service across GCC member states. The document mandates that Direct Participants comply with admission criteria, liquidity management obligations, and standardized system architectures while adhering to defined business day timetables, FX rate validation procedures, and finality provisions for payment completion. It further outlines SAMA's supervisory authority, including rights to amend rules, suspend or terminate participants, and enforce contingency measures to ensure secure, real-time gross settlement of cross-border transactions.
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