Rules, Procedures and Instructions Regulating Saudi Payment Systems
No: 361000085193 Date(g): 5/4/2015 | Date(h): 16/6/1436 Translated Document
Based on the regulations and instructions that authorized SAMA to supervise banks, and money exchange operators, and to issue mandatory rules, procedures, and instructions for them.
You will find Attached a copy of the Governor's decision No. 361000082764 dated 11/06/1436H regarding the rules, procedures, and regulatory instructions for payment systems in the Kingdom of Saudi Arabia. Banks, and licensed money exchange operators are required to continue adhering to and implementing these rules, procedures, and regulatory instructions, as well as any amendments that may be introduced by SAMA in the future. It should be noted that SAMA will monitor the implementation and application of these rules, procedures, and instructions in accordance with the provisions of the Banking Control Law and its Implementation Rules. SAMA will also take legal action against any breach or violation in this regard.
Decision No. (361000082764) dated (11/6/1436 H)
The Governor of the Saudi Central Bank*, based on the powers vested in him by law, and after reviewing the relevant regulations and instructions, including:
1- The Saudi Arabian Monetary Authority Law issued by Royal Decree No. 23 dated 23/05/1377 H, particularly Article (1) paragraph (c) and Article (3) paragraph (d), which empower the Central Bank* to monitor commercial banks and currency exchange operators and to issue specific instructions whenever deemed necessary.
2- The Banking Control Law issued by Royal Decree No. M/5 dated 22/02/1386 H, particularly Article (16) paragraph (3).
4- The Anti-Money Laundering Law issued by Royal Decree No. M/31 dated 11/05/1433 H and its Implementing Regulations , particularly Article (7), which authorizes regulatory authorities to issue instructions related to the Know Your Customer principle and instructions concerning Prudential measures and internal controls to detect any crimes stated in this law, and to ensure financial institutions to comply with the requirements issued by it and to develop, implement, and update effective written controls to prevent these institutions from being exploited in money laundering operations and to help detect suspicious transactions.
5- The Council of Ministers Decision No. 59 dated 28/03/1420 H, which empowered the Central Bank* to license the issuance of electronic bank cards and the like and to supervise them according to the instructions, standards, and conditions that it adopts.
It is decided as follows:
First: To incorporate the rules, agreements, standards, instructions, and guidelines listed below under the title (Rules, Procedures, and Regulatory Instructions Related to Payment Systems), which include:
- Operating rules for the Saudi Payment Network.
- Regulatory Rules for Prepaid Payment Services in the Kingdom of Saudi Arabia.
- Rules and instructions for operating the Saudi Fast Payment System (SARIE).
- Agreement for providing (SADAD) payment system services with the bank.
- Agreement for providing (SADAD) payment system services with the biller.
- Automated Teller Machine Service Level Agreement.
- Standards and procedures for the Saudi Payment Network.
- Instructions for Cheque Clearing Rooms.
- Guide to cheque specifications, contents, and printing procedures.
- Guide for the Direct Debit Service of the Saudi Fast Payment System (SARIE).
Second: All relevant authorities must continue to adhere to and implement the above, as well as any amendments that may arise from the Central Bank*, noting that the implementation and application of these rules, procedures, and instructions will be monitored in accordance with the provisions of the Banking Control Law and its Implementation Rules.
* The "Saudi Arabian Monetary Agency" was replaced By the "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G.
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SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.