Regulatory Alerts2024-06-24
Urging Technical Connectivity with Musanid Platform
The Saudi Central Bank (SAMA) urges all banks and financial institutions operating in the Kingdom to establish technical connectivity with the Musanid platform. This directive supports the Ministry of Human Resources and Social Development's decision to implement the Wage Protection Program for domestic workers, mandating monthly wage payments through Musanid's approved channels starting 1445/12/25 AH. SAMA also emphasizes strict adherence to all related regulations, including conducting thorough technical and cybersecurity risk assessments and applying effective controls to mitigate potential risks arising from this connectivity.
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