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Updated Oversight Framework for Payment Systems and Their Operators

Oversight of the Payment Systems is one of the statutory functions of Saudi Central Bank, to ensure the safety and efficiency of the Payment Systems in the Kingdom. The Bank undertakes these responsibilities pursuant to the Law of Payments and Payment Services promulgated by Royal Decree No. (M/26), dated 22/03/1443H, and its Implementing Regulation issued on 24/11/1444H. The Payments Systems Supervision Department working under the Non- Banking Financial Institutions Control Executive Department - has undertaken the initiative to update the Oversight Framework for Payment and Settlement Systems that was necessitated due to the recent changes in the legal and regulatory environment. The updates also aim to align the framework with international best practices, while also taking into consideration the recommendations of the Financial Sector Assessment Program (FSAP) regarding the revision and re-publication Oversight Framework for Payment Systems and Their Operators.