Regulatory Alerts2026-03-08
Circular on the Update of the Oversight Framework for Payment Systems and Their Operators
The Saudi Central Bank (SAMA) issued this circular to update and replace its previous oversight framework for payment systems and their operators, aligning it with the Payments System Law and Executive Regulations. The updated framework establishes a principles-based supervisory methodology that mandates continuous monitoring, mandatory annual self-assessments for systemically important payment systems (SIPS), and independent supervisory assessments to ensure compliance with Financial Market Infrastructure Principles (PFMIs). It clarifies classification criteria, expands the scope to include cross-border and cooperative oversight systems, and explicitly outlines operator obligations regarding risk mitigation, disruption management, and public disclosure.