Law of Payments and Payment Services

Release Date:	1443-03-22
Release Tool:	Royal Decree
Issuance Instrument Number:	m/26
Validity:	Valid
Summary:	By AI A royal decree was issued by King Salman bin Abdulaziz Al Saud approving the Law on Payments and Their Services, assigning the Banking Disputes Committee special judicial powers. The law includes basic definitions and aims to enhance the safety and efficiency of payment systems and protect the rights of the parties involved. Operating payment systems without a license from the Saudi Central Bank is prohibited, which regulates and supervises these systems and determines the licensing conditions a...

Release Date:

1443-03-22

Release Tool:

Royal Decree

Issuance Instrument Number:

m/26

Validity:

Valid

Summary:

By AI

A royal decree was issued by King Salman bin Abdulaziz Al Saud approving the Law on Payments and Their Services, assigning the Banking Disputes Committee special judicial powers. The law includes basic definitions and aims to enhance the safety and efficiency of payment systems and protect the rights of the parties involved. Operating payment systems without a license from the Saudi Central Bank is prohibited, which regulates and supervises these systems and determines the licensing conditions a...