Law of Payments and Payment Services

Plain-English summary

Royal Decree No. M/26 dated 22/3/1443H (28 October 2021). Article 4 bars operating a payment system or providing payment services without a SAMA licence, Article 8(2) requires client funds to be kept apart from the provider's own funds, and Article 12 sets penalties from a warning to a fine of up to SAR 25 million, licence suspension or revocation.

Who it applies to

Banking · Payments & Fintech

Topics

Conduct & Consumer Protection Payments & Fintech / Digital Assets

Obligations arising from this law or regulation

Obligation	Timing	Regulator	Source
SAMA licence to operate a payment system or provide payment services	Before operating, and while operating	SAMA	source
Art. 4 states that a person may not operate a payment system or provide payment services in the Kingdom unless licensed by SAMA. The Implementing Regulations list the licensable services in Art. 6 and the application documents in Art. 8, and Art. 12 of the Law allows fines of up to SAR 25 million, suspension or revocation for violations.
No obligations match these filters.

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