Based on the powers of the Saudi Central Bank under the Law of Payments and Payment Services issued by Royal Decree No. (M/26) dated 22/03/1443H, and its Implementing Regulations issued on 24/11/1444H and communicated through Circular No. (44093096) dated 16/12/1444H.

Therefore, SAMA emphasizes the importance for all payment service providers to comply with the provisions of the Implementing Regulations of Payments and Payment Services Law regarding the Safeguarding Safeguarded Funds, as stated in (Article 93) of the Implementing Regulations, with compliance to the following:

First: The submission of the non-objection request should be accompanied by the policies and controls related to the management and operation of the safeguarded funds account by payment service providers, Including the determination of powers and the authorized persons, ensuring that the following are taken into consideration:

• Enhancing the principle of multiple controls based on risk assessment, including activating the role of supervisory functions within the company.
   
• The authority to manage the account should be limited to senior positions that are authorized for this purpose.
   

Second: The payment service provider must perform and document a reconciliation process to verify that the total balances of electronic wallets or the total value of executed payment transactions match the total of the safeguarded funds account.