Riyadh: The Saudi Central Bank (SAMA) has announced the release of the updated 'Oversight Framework of the Payment Systems and Their Operators.' This new framework will take the place of the previously used 'Oversight Framework for Payments and Financial Settlement Systems.' The update is a part of SAMA's regulatory duties aimed at ensuring the stability and growth of the payments sector.
According to Saudi Press Agency, the revised framework establishes the scope and aligns it with the Law of Payments and Payment Services, authorized by Royal Decree No. (M/26) on 22/03/1443 AH, along with its implementing regulations. It details the supervisory approach, which includes the use of oversight tools, self-assessment, and oversight evaluation. Additionally, the framework specifies the responsibilities of payment systems and their operators, ensuring compliance with existing regulatory frameworks and international standards.
The updated 'Oversight Framework of the Payment Systems and Their Operators' is available through SAMA's Rulebook, accessible on its official website.