It is likely that Implementing Regulations may be published to set out further rules and regulations to achieve the objectives of the Banking Law. Key changes SAMA's power to determine "banking business" and licensing requirements
H.E. Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA), extended heartfelt congratulations to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and HRH Crown Prince and Prime Minister, Prince Mohammed bin Salman on the announcement of the state's general budget for the fiscal year 2024, which was strategically aligned to bolster the Kingdom's economic growth. SAMA Saudi Arabian Monetary Agency SARIE Saudi Arabian Riyal Interbank Express SDC Securities Depository Center International Bank Account Number requirements for accounts. Also, SAMA and the banks are involved in a large-scale effort to foster inclusion in payment services by introducing prepaidThe Saudi Arabian Monetary Authority (SAMA) is the central bank of Saudi Arabia. SAMA introduced its Cyber Security Framework in 2017 in order to guide regional organizations on how to effectively maintain the protection of information assets and online services.By Regulatory News. March 01, 2020. SAMA published additional licensing guidelines and criteria for digital-only banks in Saudi Arabia. These guidelines are applicable to digital-only bank license applications in Saudi Arabia. The guidelines must be considered as additional requirements to be met, along with the Banking Licensing Guidelines and
The Saudi Central Bank (SAMA), earlier known as the Saudi Arabian Monetary Agency, published the final Basel III reforms and the consultations on "instructions" (or guidelines) for practicing financial aggregator services and on an amendment to article (8) of the Implementing Regulation of the Finance Companies Control Law.
The KSA NSFR regulation is applicable to all 12 locally incorporated banks on a consolidated basis. Overall, as of 30 June 2018, the NSFR regulation in the KSA is assessed as compliant with the Basel NSFR standard. This is the highest possible grade. Each component is also assessed as compliant.In January 2020, SAMA introduced the Payment Service Provider Regulations ("PSP Regulations"),which requires digital payment providers to secure a license prior to starting any operation. 5 The payment services regulated by SAMA's PSP include direct debits, credit transfers, the execution of payment transactions, acquiring payment transactions, 5F1P.