Legal Framework

Effective from Aug 04 2021 - Aug 03 2021
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SAMA is the sole competent authority for Payment Systems (PS) and Trade Repository (TR) and carries out its regulatory, supervisory and oversight responsibilities in accordance with its powers pursuant to:
	•	The Charter of the Saudi Central bank (SAMA) issued by Royal Decree No 23 dated 23/5/1377H (1957).
	•	The Banking Control Law issued by Royal Decree No M/5 dated 22/2/1386H (11/06/1966)
	•	Key rules, regulations, and circulars issued by SAMA in the PS area include:
		○	Circular on Regulatory Rules, Procedures, Instructions for Payment Systems in the Kingdom of Saudi Arabia Decision No. 361000028764 issued by H.E. Governor dated 11/6/1436H.
		○	The Policy Statement issued in August 2013, which formalized the implementation of Principles for FMIs.
		○	Regulatory Rules for the Prepaid Payment Service in the Kingdom of Saudi Arabia, March 2012
	•	Council of Minister's Resolution No.226 (dated 02/05/1440H), SAMA's role as supervisory authority for the operation and regulation of payment systems and services has been confirmed.