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Effective from 2021-12-27 - Dec 26 2021 To view other versions open the versions tab on the right
23.
As a part of its onboarding process, Settlement Agent should ensure that:
i)
it has identify, assess and document the risk associated with its provision of Saudi Arabian Riyal Interbank Express clearing and settlement services to the Indirect Participant including the impact of its own additional capital requirement due to increase in risks.
ii)
it has ability and capacity to clear Indirect Participant’s liabilities (whether prefunded or not) i.e. Settlement Agent must ensure that it maintain adequate liquidity with SAMA to ensure its and its indirect participant’s liabilities are cleared on a timely manner. It establishes and operates such controls, policies and arrangements as are necessary to ensure that it has appropriately mitigated to an acceptable level the risks associated with providing Saudi Arabian Riyal Interbank Express clearing and settlement services to its Indirect Participant.
iii)
it has taken reasonable steps to ensure that the Indirect Participant to whom it will provide do not jeopardize the safety, integrity or reputation of the Saudi Arabian Riyal Interbank Express.
iv)
it has performed detailed risk assessment on its portfolio of Indirect Participants once additional Indirect Participant will be on-boarded.
