| | (1) | SAMA shall carry out its duties and authorities set out in the Law and all relevant regulations and policies, taking into consideration best international standards and practices.
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| | (2) | SAMA shall carry out the supervision and oversight functions on Relevant Payment Services, in particular, the following:
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| | | | (a) | Licensing entities to engage in one or more Relevant Payment Services in accordance with the Law and the Implementing Regulation;
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| | | | (b) | Issuing regulations, rules, instructions, and circulars relating to the provision of Relevant Payment Services and its amendments;
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| | | | (c) | Ensuring the compliance of Payment Service Providers with the Implementing Regulation and all related regulations, rules, instructions, and circulars issued by SAMA;
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| | | | (d) | Ensuring and supervising the licensed Payment Service Providers and the Senior Positions adherence to the highest standards of corporate governance;
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| | | | (e) | Taking enforcement or remedial action in respect of contraventions of the provisions of the Law, the Implementing Regulation and all related regulations, rules, instructions, and circulars issued by SAMA;
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| | | | (f) | Dealing with Complaints and mechanisms for resolving them; |
| | | | (g) | Creating and maintaining a public register of Payment Service Providers; and.
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| | | | (h) | Suspending or revoking licenses of Payment Service Providers in accordance with the powers of SAMA pursuant to the Law.
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| | (3) | SAMA shall carry out the supervision and oversight functions on Payment Systems, in particular, the following
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| | | | (a) | Licensing the entities to operate Payment Systems in accordance with the Law and the Implementing Regulation;
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| | | | (b) | Designating Payment Systems according to the Criteria of Systemically Important Payment System;
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| | | | (c) | Issuing regulations, rules, instructions, and circulars relating to the operation of Payment Systems taking into consideration the PFMI;
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| | | | (d) | Ensuring and monitoring the compliance of Payment System Operators with the Law, Implementing Regulation, and related regulations, rules, instructions and circulars issued by SAMA;
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| | | | (e) | Carrying out the specific authorities in relation to Payment Systems, including but not limited to ensuring the execution of Settlement Finality and bankruptcy of Payment Systems and their Members;
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| | | | (f) | Ensuring and overseeing the Payment System Operators and the Senior Positions adherence to high standards of corporate governance;
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| | | | (g) | Taking enforcement or remedial action in respect of contraventions of the provisions of the Law, the Implementing Regulation and related regulations, rules, instructions and circulars issued by SAMA;
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| | | | (h) | Dealing with Complaints and mechanisms for resolving them;
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| | | | (i) | Maintaining a public register of Payment System Operators; and
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| | | | (j) | Suspending or revoking licenses of Payment System Operators in accordance with the powers of SAMA pursuant to the Law.
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