SAMA ISSUES THE UPDATED OVERSIGHT FRAMEWORK OF THE PAYMENT SYSTEMS AND THEIR OPERATORS
The Saudi Central Bank (SAMA) announced the issuance of the updated “Oversight Framework of the Payment Systems and Their Operators," which will replace the currently applicable “Oversight Framework for Payments and Financial Settlement Systems." This is part of SAMA's supervisory and regulatory role over the payments sector, and its ongoing efforts to support the sector's stability and growth.
The update defines the scope of the framework and aligns it with the provisions of the Law of Payments and Payment Services issued by Royal Decree No. (M/26) dated 22/03/1443 AH, and its implementing regulations. It also outlines the supervisory methodology, including oversight tools, self-assessment, and oversight assessment. In addition, the update identifies the obligations of payment systems and their operators in line with applicable regulatory frameworks and international standards.
