Based on the Banking Control Law issued by Royal Decree No. M/5 dated 22/02/1386 H, and with reference to the powers vested to SAMA under the Minister Council Decision  No. (226) dated 2/5/1440 H, confirming that it is the competent authority to operate, monitor and supervise payment and financial settlement systems and services in the Kingdom, and may issue rules, instructions and licenses according to the standards it applies in this regard, and based on Article III of the Payment Services Providers Regulations , which stipulates that "invites or induces a person located in the Kingdom to enter into, or offer to enter into, an agreement in relation to a Payment Service, or markets or otherwise promotes any Payment Service is considered a practice of payment services in the Kingdom and requires obtaining a license from SAMA; and according to what is stipulated in Article Eight of the regulations, regarding the obligation to put in place policies and procedures for detecting fraud cases and handling them, in addition to informing the relevant authorities in the State and notifying SAMA in according to the format specified by it.

SAMA would like to emphasize the importance of verifying the effectiveness of the procedures in place to comply with the 'Know Your Customer' (KYC) principle before initiating the sale or operation of point-of-sale (POS) devices. The entity entrusted with the marketing and  the devices must be licensed by SAMA. Additionally, it is important to verify the comprehensiveness and appropriateness of the internal policies and procedures set by the company for all categories of customers benefiting from these services. These policies should include the identification of potential risks and the mechanisms for monitoring, managing, and reporting them. Furthermore, we emphasize the importance of ensuring that the POS terminal is only linked to the customer’s bank account and that transfers to another person’s account are not accepted.