SAMA issues updated supervisory framework for payment systems and operators

The Saudi Central Bank (SAMA) announced issuing an updated supervisory framework for payment systems and their operators, replacing the current supervisory framework for payment and financial settlement systems.

In a statement, SAMA said the update defines the scope of the supervisory framework and links it to the Payment Systems and Services Law issued under Royal Decree No. (M/26) and its implementing regulations.

Moreover, the update clarifies the supervisory methodology, including supervisory tools, self-assessment and supervisory assessment. It also sets the obligations of payment systems and their operators, in line with relevant regulatory frameworks and international standards.