Regulatory Alerts2019-07-11
Added · Updated
Guidelines for Merchants Contracted with Banks on the Confidentiality of Credit Card Information
The Saudi Arabian Monetary Authority directs all domestic banks and financial institutions to ensure that contracted merchants providing electronic payment services do not photograph, copy, or record confidential credit card information. This directive reinforces existing issuance and customer protection regulations by explicitly prohibiting merchants from capturing or storing sensitive card data during transactions. The requirement applies without prejudice to existing contractual agreements between financial institutions and merchants, mandating immediate compliance across all electronic payment channels.
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