Regulatory Alerts2023-07-04
Implementing Regulations of the Payments and Payment Services Law
The Saudi Central Bank (SAMA) has issued the Implementing Regulations of the Payments and Payment Services Law, effective 13 June 2023. These regulations revoke and replace the prior Payment Services Providers Regulations, mandating strict adherence to all stipulated provisions by payment service providers and system operators. Entities must submit a corrective action plan to ensure full regulatory compliance within six months of the regulations taking effect.
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