Law of Payments and Payment Services

SAMA shall regulate, supervise, and oversee payment systems and their Law of Payments and Payment Services operators, as well as payment services and their providers, in accordance with the provisions of this Law and its regulations. It may in particular undertake the following: 1. Determining the terms and conditions for issuing licenses, and the legal structure of payment system operators and payment service providers. 2. Determining the capital and solvency requirements for payment system operators and payment service providers. 3. Issuing, renewing, and revoking licenses of payment systems and their operators as well as payment services and their providers. 4. Approving and regulating the products and services provided by payment system operators and payment service providers. 5. Setting outsourcing rules for the operation of payment systems or provision of payment services. 6. Setting classifications and requirements for payment systems based on their importance, including classifying any payment system as a SIPS. 7. Setting frameworks and rules for interlinked payment systems within the Kingdom and abroad. 8. Setting procedures and measures necessary for protecting the funds and data of clients, consumers, and members in relation to payment systems and services, and taking necessary action to protect their rights. 9. Setting the plans and measures that persons subject to this Law must follow to restore and improve their financial positions in the event of any substantial disruption thereto, or to enable said persons to terminate their business activities in a timely and orderly manner, including liquidation, subject to applicable laws. 10. Determining license issuance and renewal fees. 11. Setting governance and internal control guidelines for payment system operators and payment service providers. 12. Setting rules that payment system operators must observe when issuing rules for their transactions and membership. 13. Setting adequacy and competency standards for the employees of payment system operators and payment service providers, including senior officers.