Issuance of the Implementing Regulations of Payments and Payment Services Law
| 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 Law of Payments and Payment Services issued by Royal Decree No. (M/26) dated 22/3/1443H, and in light of SAMA'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 Implementing Regulations of Payments and Payment Services Law on 24/11/1444H, corresponding to 13/6/2023, as per the attached document, The Payment Services Providers Regulations issued by the central bank on 5/6/1441H, corresponding to 30/1/2020, are hereby revoked and replaced by the Implementing Regulation as of the date of issuance. SAMA emphasizes that payment service providers and operators of payment systems subject to the law and regulation must adhere to all provisions contained in the Implementing Regulations, SAMA also emphasizes the necessity of submitting a plan outlining the corrective actions to ensure compliance with the provisions of the law and the Implementing Regulations, which should not exceed six months from the date the regulation comes into effect.
For your information and action accordingly.