regulation

Implementing Regulation of Law of Payments and Payment Services

Issuing bodySAMA
CountrySaudi Arabia
RegionNational
Payment ServicesLicensingConsumer ProtectionPayment Systems

This document is the Implementing Regulation of the Law of Payments and Payment Services issued by the Saudi Central Bank (SAMA). It outlines the rules and guidelines for payment services within Saudi Arabia, covering licensing, agent obligations, consumer protection, payment systems, and dispute resolution. The regulation aims to ensure the stability and security of payment services while promoting financial inclusion.

Key requirements
  • Licensees must adhere to outsourcing rules, auditing standards, and risk management protocols.
  • Licensees must meet specific requirements for providing payment initiation services and payment account information services.
  • Licensees must safeguard safeguarded funds according to the regulations.
  • Systemically important payment systems must adhere to PFMI requirements.
Applies to: Payment services providers licensed by SAMA, agents and electronic money distributors
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