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

IMF Staff Country Reports, 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

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Bibliographic details

• Published: July 19, 2013
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781475556452.002

Overview

• 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.

Key findings

• SAMA is actively establishing an operational payment system oversight function.
• Legal basis: oversight authority for payment systems is stated in the central bank and banking laws, but operational/regulatory powers are not detailed and may require the proposed Payment System Law.
• The legal framework covers many critical aspects of payment and securities settlement systems.

Subjects covered

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

Keywords and system references

• 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

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• Executive Summary
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  • Executive Summary (PDF)