Regulatory Alerts2021-05-05
Added · Updated
Circular Re. Operating Rules for Cross Currency Payments using AFAQ Service
The Saudi Central Bank (SAMA) issues the Operating Rules for the AFAQ Service, establishing the framework for cross-currency cross-border payments between GCC countries. The document defines the roles of Direct Participants, outlines the technical architecture involving Domestic RTGS systems and Regional Payment Gateways, and sets compliance, security, and contingency requirements for participating banks. It mandates that Direct Participants maintain accounts at SAMA, adhere to specific business day timetables, and comply with anti-money laundering regulations.
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