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 AH, 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 AH, particularly Article (16) paragraph (3).

3- The decision of the Minister of Finance and National Economy No. 2149/3 dated 14/10/1406 AH regarding the rules for implementing the provisions of the Banking Control Law.

4- The Anti-Money Laundering Law issued by Royal Decree No. M/31 dated 11/05/1433 AH and its Executive Regulations , particularly Article (7), which authorizes regulatory bodies to issue instructions related to the Know Your Customer principle and instructions concerning precautionary measures and internal controls to detect any crimes stated in this law, and to ensure financial institutions comply with the requirements issued by it and to develop, implement, and update effective written controls.

5- The Council of Ministers Decision No. 59 dated 28/03/1420 AH, which empowered the Central Bank* to license the issuance of electronic cash cards and similar instruments and to supervise them according to the instructions, standards, and conditions that it adopts.

6- The decision of the Minister of Finance No. 1357 dated 01/05/1432 AH 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 (Saree).
4. Agreement for providing Sada payment system services with the bank.
5. Agreement for providing Sada 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 (Saree).

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 Executive Rules.

* The name "Saudi Central Bank" has replaced the name "Saudi Arabian Monetary Authority" under the Saudi Central Bank Law No. (M/36) dated 11/04/1442 AH.