IMF Staff Country Reports

Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the CPSS Core Principles for Systemically Important Payment Systems

July 19, 2013

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Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the CPSS Core Principles for Systemically Important Payment Systems, (USA: International Monetary Fund, 2013) accessed September 20, 2024

Summary

This paper highlights the Saudi Arabia’s Detailed Assessment of Observance of the Committee on Payment and Settlement Systems Core Principles for systemically important payment systems. The Saudi Arabian Monetary Agency (SAMA) is working to establish its payment system oversight function from an operational perspective. The power of SAMA to oversee the payment systems is stated in the central bank and banking laws. The powers of the central bank to operate, regulate, and oversee the payment systems are not detailed in the law and could be also covered by the proposed Payment System Law. Many critical aspects relating to the payment and securities settlement systems are covered in the legal framework.

Subject: Banking, Financial institutions, Financial markets, Financial regulation and supervision, Operational risk, Payment systems, Real time gross settlement systems, Securities, Securities settlement systems

Keywords: Automated teller machine, Central bank, Cheque clearing process, CR, Direct debit, Gateway application, Global, ISCR, Operational risk, Oversight function, Payment card, Payment system, Payment systems, Real time gross settlement systems, SAMA oversight authority, SARIE operation, SARIE participant, SARIE system, SARIE system place, Securities, Securities settlement systems, SIPS Saudi Arabian Riyal Inter-bank Express, SPAN system

Publication Details

  • Pages:

    45

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2013/214

  • Stock No:

    1SAUEA2013003

  • ISBN:

    9781475556452

  • ISSN:

    1934-7685

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