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).

3- The decision of His Excellency the Minister of Finance and National Economy No. 3/2149 dated 14/10/1406 H regarding the Implementation Rules for Banking Control Law.

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.

6- The decision of  His Excellency the Minister of Finance No. 1357 dated 01/05/1432 H regarding the Rules Governing Money Changing Business.

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:

1. Operating rules for the Saudi Payment Network.
2. Regulatory Rules for Prepaid Payment Services in the Kingdom of Saudi Arabia.
3. Rules and instructions for operating the Saudi Fast Payment System (SARIE).
4. Agreement for providing (SADAD) payment system services with the bank.
5. Agreement for providing (SADAD) payment system services with the biller.
6. Automated Teller Machine Service Level Agreement.
7. Standards and procedures for the Saudi Payment Network.
8. Instructions for Cheque Clearing Rooms.
9. Guide to cheque specifications, contents, and printing procedures.
10. 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.