LogoRegulatory Alerts
2021-11-21

Regulation of the Special Integrated Logistics Zone

The Saudi Central Bank (SAMA) mandates that payment service providers operating within the Special Integrated Logistics Zone must adapt their policies and service agreements to reflect the specific nature of licensed entities. SAMA requires these providers to verify entity validity by obtaining copies of the relevant commercial registration, company establishment contracts with amendments, and authorized powers of attorney for account management. These measures ensure robust risk oversight and operational stability across the payments sector within the designated logistics zone.

Saudi Central Bank logo

Saudi Arabia

Saudi Central Bank

Click to view thumbnail

Abdulaziz T. Alotaibi From: Payment Policy Sent: Sunday, November 21, 2021 1:49 PM Cc: Husam A. AlMahmoud; Dr. Yazeed Aleissa - Payment Policy Category: Blue :Categories Subject: Circular - Regulation of the Special Integrated Logistics Zone

Gentlemen,

Peace, mercy and blessings of God be upon you.

The Saudi Central Bank (SAMA) plays a supervisory and oversight role in the payments sector, focusing on risk management to ensure financial sector stability. This regulation is primarily aimed at supporting and developing the services provided to entities dealing with payment service providers. In this regard, reference is made to the Special Integrated Logistics Zone established pursuant to Royal Decree No. (M17/) dated 1440/02/01 H, and the regulatory bylaws issued by the General Authority for Civil Aviation (GACA) governing companies operating within that zone.

SAMA confirms to all companies operating in the payments sector when providing payment services that any entity licensed under the Special Integrated Logistics Zone regulation must take into account the nature of such entities and update its policies and service agreements accordingly. Furthermore, it is required to verify the validity of these entities through the following requirements:

  1. A copy of the commercial registration issued by GACA.
  2. A copy of the company's establishment contract and its amendments.
  3. A copy of the powers of attorney for those authorized to open accounts and manage them.

For information and action accordingly,

Accept our regards, W.S.A.M.G.O.V.S.A

2

Share