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Article 116

Date(g): 13/6/2023 | Date(h): 25/11/1444 Status: In-Force

Translated Document

Effective from Jun 13 2023 - Jun 11 2023
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Without prejudice to what is required by the laws and regulations in force in the Kingdom:

 1.The payment systems operator shall notify SAMA in the event of a serious disturbance, provided that the necessary measures are taken to address the same.
 2.

The payment systems operator shall develop the necessary policies and procedures for measures to address incidents of serious disruption, leading to any defect in the payment system that results in an actual or potential failure or suspension of the payment system, partially or completely, or leading to the possibility of the payment systems operator becoming bankrupt or insolvent, provided the following is included:

A.Procedures for communicating with internal and external stakeholders in a timely and systematic manner.
B.Procedures and steps for resolving problems resulting from serious disturbance, taking into account their efficiency and effectiveness.