Regulatory Alerts2024-07-24
Safeguarding Safeguarded Funds
The Saudi Central Bank issued this circular to all payment service providers operating in the Kingdom, mandating strict compliance with Article 93 of the Payments and Payment Services Executive Regulations regarding the safeguarding and preservation of customer funds. The directive requires providers to submit no-objection requests accompanied by risk-based policies that restrict account management authority to designated executives and enhance internal supervisory oversight. Furthermore, providers must perform and document a reconciliation process to verify that electronic wallet balances or total executed transaction values consistently match the designated safeguarded funds account.
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