The Saudi Central Bank “SAMA” issues regulatory rules for electronic wallets.. Find out when they will be implemented.
Issued Saudi Central Bank “SAMA” Regulatory rules for electronic wallets, within the framework of its supervisory and regulatory role, over licensed electronic money companies, to provide electronic wallet services.
The announcement of the new rules comes in the context of the Saudi Central Bank’s efforts to Sama “Continuing to develop the payments sector in the Kingdom, by establishing regulatory and supervisory frameworks that contribute to enhancing the role of the Central Bank in protecting the safety and stability of the financial sector, and ensuring the rights of those dealing in this vital activity.
The Saudi Central Bank seeks to protect dealers
The e-wallet rules aim to define the regulatory requirements that licensed e-money companies must comply with, in order to protect those dealing in the payments sector, according to Central Bank Statement Today, Wednesday.
The rules included a set of provisions and obligations, including organizing the minimum controls required to identify and verify the customer’s identity, in addition to emphasizing compliance with instructions and relevant rules.
These principles also aim to establish a comprehensive regulatory framework that contributes to defining the tasks of the main units in finance companies and real estate refinancing companies, and clarifying the roles of the Board of Directors and executive management towards the compliance unit and the internal audit department, in accordance with the best standards followed in this field, taking into account the size of the company and the nature of its business.
Date of implementation of the new e-wallet rules
These rules were adopted after the Central Bank had previously launched the “Electronic Wallet Rules” project to survey the views and comments of the public and specialists, in order to enhance the principle of transparency and participation.
These comments and observations were studied and taken into consideration, to be included in the final version of the rules.
According to the statement Saudi Central Bank These rules will be effective 90 days after the date of their publication on the Bank’s website.
