Issuance of the Executive Regulation for the Payment System and its Services.
| No: 44093096 | Date(g): 4/7/2023 | Date(h): 16/12/1444 | Status: In-Force |
Effective from 2023-07-04 - Jul 03 2023
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Based on the powers of the Saudi Central Bank under the Payment System and its Services issued by Royal Decree No. (M/26) dated 22/3/1443 H, and in light of the central bank's supervisory and regulatory role and its strategic direction for the payments sector in the Kingdom, we would like to inform you of the issuance of the Executive Regulation for the Payment System and its Services on 24/11/1444 H, corresponding to 13/6/2023, as per the attached document, The regulatory rules for payment service providers issued by the central bank on 5/6/1441 H, corresponding to 30/1/2020, are hereby revoked and replaced by the Executive Regulation as of the date of issuance. The central bank emphasizes that payment service providers and operators of payment systems subject to the system and regulation must adhere to all provisions contained in the Executive Regulation, The central bank also emphasizes the necessity of submitting a plan outlining the corrective actions to ensure compliance with the provisions of the system and regulation, which should not exceed six months from the date the regulation comes into effect.
For your information and action accordingly.