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Article 116

No: 000044093096 Date(g): 13/6/2023 | Date(h): 24/11/1444 Status: In-Force

Effective from Jun 13 2023 - Jun 12 2023
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Notwithstanding any other applicable laws and regulations in the Kingdom:

 (1) A Payment System Operator must notify SAMA in the event of a Serious Disruption and shall take appropriate measures.
 
 (2)

A payment System Operator must prepare the necessary policies and procedures for measures to handle Serious Disruption incidents that result in a total or partial actual or potential failure or suspension of the Payment system or lead to actual or potential bankruptcy of the Payment Systems Operator, and they must include:

(a) Communications to internal and external stakeholders in a timely and methodical manner; and
 
(b) Steps to resolve issues caused by the Serious Disruption as efficiently as possible.