Regulatory Alerts2021-12-02
Charging Policy for Cross Currency Payments Using AFAQ Service
The Saudi Central Bank (SAMA) issues a charging policy establishing fees for participants using the AFAQ cross-currency payment service, effective December 12, 2021. The policy mandates an annual membership fee of SAR 50,000 and a transaction fee of SAR 12.00 per message, with temporary discounts available during the initial six-month post-pilot period. It further defines penalty charges for late payment returns, cut-off time extensions, and operational breaches while prohibiting the application of foreign exchange margins to participants.
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