Saudi Central Bank (SAMA)

Overview

Official Name: Saudi Central Bank (Saudi Arabian Monetary Authority - SAMA)

Established: 1952

Renamed: November 26, 2020 (pursuant to Saudi Central Bank Law No. M/36)

Regulatory Authority Level: Layer 1 - Central Banking Authority

The Saudi Central Bank (SAMA), formally established as the Saudi Arabian Monetary Authority in 1952, is the Kingdom of Saudi Arabia's primary central banking and financial regulatory authority. Following the Royal Decree approval on November 26, 2020, SAMA was renamed to the "Saudi Central Bank" under the Saudi Central Bank Law (No. M/36, dated 11/04/1442H / 26/11/2020G), while retaining the historical acronym "SAMA" for local and global continuity.

SAMA operates with full autonomy and direct reporting to the King of Saudi Arabia, serving as the sole regulator for banking, payment systems, insurance, fintech, and emerging financial technologies including virtual assets within Saudi Arabia's jurisdiction.

Regulatory Mandate

SAMA's core mandate encompasses:

• Monetary policy formulation and foreign exchange management
• Issuance and management of the Saudi Riyal (SAR)
• Banking supervision and stability oversight
• Payment systems regulation and oversight
• Fintech and innovation licensing
• Consumer protection in financial services
• Anti-money laundering and counter-terrorism financing (AML/CTF) enforcement
• Sanctions compliance and implementation
• Virtual asset regulation and policy development

Basic Identity

Classification

Inclusion Justification

What This Entity Oversees

Authority and Scope

SAMA is the exclusive banking supervisor for all licensed banks, finance companies, and credit institutions operating in Saudi Arabia. This encompasses on-site examinations, off-site monitoring, capital adequacy assessments, and liquidity management oversight.

Supervisory Framework

SAMA exercises supervisory duties and powers including:

• Licensing and charter approval for banks and financial institutions
• Capital adequacy and prudential standards
• Liquidity and reserve requirements
• Risk management and internal controls oversight
• Compliance with consumer protection obligations
• Deposit insurance administration

Banking Rules and Regulations

Risk and Stability Oversight

SAMA monitors systemic financial risks, maintains financial system stability, and ensures prudent management of foreign exchange reserves and monetary aggregates.

Legal Framework

SAMA's consumer protection authority derives from:

1. Saudi Central Bank Law (No. M/36) - Establishes authority to develop instructions and procedures protecting consumers of financial institutions
2. Banking Control Law (Royal Decree M/5, dated 22/02/1386H) - Grants authority to determine procedures and conditions banks must follow in consumer dealings
3. Financial Consumer Protection Principles and Rules - Comprehensive binding standards for all financial institutions

Consumer Protection Principles

SAMA mandates that all licensed financial institutions observe strict compliance with:

• Transparency and Disclosure: Clear communication of fees, terms, conditions, and risks
• Fair Dealing: Prohibition of unfair or deceptive practices in consumer relationships
• Conflict Resolution: Accessible and effective dispute resolution mechanisms
• Data Protection: Safeguarding of consumer financial information and privacy
• Grievance Handling: Responsive procedures for consumer complaints

Consumer Protection Rules and Principles

Consumer Rights

SAMA protects consumer rights including:

• Right to clear and complete disclosure of financial products and services
• Right to access fair and objective customer service
• Right to independent resolution of disputes with financial institutions
• Right to recourse through regulatory complaint procedures
• Right to redress for violations of consumer protection standards

Regulatory Relationship to Payments and Transfers

SAMA's Role in Payment Corridors

SAMA serves as the authoritative regulator for all payment corridors originating from, terminating in, or routing through Saudi Arabia. This includes:

• Domestic Transfers: All intra-KSA payment flows
• Inbound Remittances: Foreign exchange inflows to Saudi beneficiaries
• Outbound Remittances: Transfers by Saudi residents to foreign jurisdictions
• Cross-Border Commercial Payments: B2B and corporate payments involving Saudi entities

Compliance Implications

Any payment service provider (bank, fintech, or MTO) operating payment corridors involving Saudi Arabia must:

1. Obtain SAMA licensing as a payment service provider or operate through a SAMA-licensed partner
2. Comply with all AML/CTF requirements and sanctions screening procedures
3. Adhere to consumer protection standards and fee disclosure requirements
4. Maintain cybersecurity framework compliance (SAMA CSF)
5. Implement open banking standards where applicable
6. Report payment flow data and regulatory metrics to SAMA

Regulatory Risk Framework

Entities operating in Saudi payment corridors face:

• High Compliance Risk: Extensive regulatory oversight and enforcement activity
• Sanctions Risk: Strict implementation of UN and bilateral sanctions
• Technology Risk: Mandatory cybersecurity compliance and cybersecurity framework audits
• Consumer Risk: Strong consumer protection enforcement and complaint handling
• Licensing Risk: No informal or gray-market operation permitted; licensing mandatory

This regulatory entity page was compiled from official SAMA sources, binding legal documents, and secondary regulatory analysis. For binding regulatory guidance, direct consultation with SAMA is recommended. This document is informational and does not constitute legal or regulatory advice.

Document Status: COMPLETE - Ready for Integration

Last Updated: April 5, 2026

File ID: A111-SA-NAT-saudi-central-bank

Naming Convention: A### - [Country Code] - [Jurisdiction Level] - [Entity Slug]

Regulatory Powers

Administrative Penalties and Corrective Actions

SAMA possesses comprehensive enforcement authority to ensure regulatory compliance:

Available Enforcement Tools:

• Issuance of corrective action orders specifying remediation timelines
• Suspension or revocation of operating licenses
• Imposition of administrative fines and monetary penalties
• Restrictions on business activities or service offerings
• Mandatory appointment of provisional administrators
• Public censure and regulatory notices
• Requirements for capital increases or strengthening

AML/CTF Enforcement

Specific enforcement authority over anti-money laundering and counter-terrorism financing violations:

• Sanctions implementation related to UN Security Council resolutions
• On-site AML/CTF compliance audits and inspections
• Enforcement of corrective action plans for deficiencies
• Authority to impose administrative sanctions for AML/CTF violations
• Coordination with international AML/CTF bodies

SAMA AML/CTF Oversight Framework

Sanctions and Terrorism Financing

SAMA requires all regulated entities to implement financial sanctions procedures related to:

• UN Security Council targeted sanctions resolutions
• Terrorist list designations
• Proliferation financing restrictions
• Sanctions communicated through official SAMA channels

Regulatory Role and Function

Legal Foundation

Primary Legislation

1. Saudi Central Bank Law (No. M/36, dated 11/04/1442H / 26/11/2020G)

The foundational statute establishing SAMA's authority, powers, and responsibilities. This law superseded the previous Saudi Arabian Monetary Authority Law (Royal Decree No. 23, dated 23/5/1377H) and grants SAMA:

• Full regulatory and supervisory authority over financial institutions
• Independence in monetary and financial policy decisions
• Direct accountability to the King
• Binding rule-making authority

Saudi Central Bank Law - SAMA Rulebook

2. Banking Control Law

Establishes SAMA's authority to regulate and supervise commercial banks, finance companies, and credit institutions.

Banking Control Law - SAMA Rulebook

3. Law of Payments and Payment Services (2023)

Comprehensive framework governing payment systems, payment service providers, and payment infrastructure. The Implementing Regulations were issued on 24/11/1444H (13/06/2023) under Royal Decree No. (M/26) dated 22/03/1443H.

Implementing Regulations of Payments and Payment Services Law - SAMA Rulebook

Implementing Regulation PDF

4. Anti-Money Laundering and Counter-Terrorism Financing Laws

SAMA enforces compliance with:

• Saudi Arabia's Anti-Money Laundering Law
• Law on Combating Terrorism Crimes and Financing
• Associated Implementing Regulations
• UN Security Council sanctions resolutions

AML/CTF Compliance Framework - SAMA Rulebook Section 2.9.1

Anti-Money Laundering and Counter-Terrorism Financing Guide%20Guide.pdf)

Regulatory Authority Classification

• Jurisdiction Level: National (Tier 1)
• Legal Authority Type: Binding Regulatory Authority
• Independence Status: Full institutional autonomy with direct reporting to the King
• Rule-Making Power: Direct authority to issue regulations, implementing rules, and supervisory guidance without requirement for legislative approval
• Enforcement Power: Unilateral authority to levy sanctions, suspend licenses, and impose remedial actions

Licensing and Authorization Relevance

Fintech Regulatory Sandbox

SAMA, jointly with the Capital Markets Authority (CMA), established a regulatory sandbox to cultivate Saudi Arabia's fintech ecosystem:

• SAMA Sandbox Focus: Banking and payment services innovation
• Purpose: Enable controlled testing of fintech solutions in a regulatory-safe environment
• Participants: Selected fintech companies permitted to operate under sandbox guidelines

Permitted Fintechs - SAMA Sandbox

Virtual Assets Regulatory Framework

SAMA established a dedicated "Head of Virtual Assets" position in 2022 to develop policy and regulatory frameworks for digital currencies and virtual assets. The regulatory environment for virtual asset service providers remains in an early stage of policy development.

Regulatory Stance: Requires verification from official sources SAMA is developing comprehensive regulatory standards for virtual asset service providers and digital currencies, with emphasis on:

• Consumer protection and fraud prevention
• AML/CTF compliance for virtual asset transactions
• Custody and settlement system security
• Financial stability considerations

Central Bank Digital Currency (CBDC)

SAMA participates in international CBDC research and development initiatives:

• Project Aber: Joint digital currency project with the Central Bank of the United Arab Emirates (announced 2019)
• Purpose: Explore cross-border settlement efficiency and wholesale payment innovation

Cybersecurity Framework

SAMA established comprehensive cybersecurity standards for regulated entities:

• SAMA Cybersecurity Framework (CSF): Mandatory compliance for all financial institutions
• Requirements: Include risk assessments, incident response, third-party vendor management, and critical system protection

SAMA CSF Compliance Guide

Payments and Money Movement Relevance

Regulatory Scope

SAMA holds exclusive authority to regulate and oversee all payment systems and payment service providers (PSPs) operating in Saudi Arabia, including:

• Traditional commercial banks
• Non-bank payment service providers (PSPs)
• Money transfer operators (MTOs)
• Digital payment platforms
• Open banking service providers

Payment Systems and PSP Framework

Regulatory Requirements:

• Licensing mandatory for all payment service providers
• SAMA Rulebook Section 1367 establishes comprehensive requirements for payment systems and service providers
• Compliance with consumer protection standards mandatory
• Cybersecurity and data protection obligations

Payment Systems and Payment Services Providers - SAMA Rulebook

Open Banking Framework

SAMA launched a full licensing framework for open banking services, requiring firms to obtain explicit licensing from SAMA to provide open banking services. This represents a pivotal step in fostering secure, standardized fintech innovation while maintaining regulatory oversight.

SAMA Open Banking Framework Notice

Consumer Protection in Payment Services

SAMA establishes binding principles and rules requiring PSPs to:

• Disclose fees and service terms transparently
• Implement customer dispute resolution mechanisms
• Maintain adequate safeguards for customer funds
• Provide clear transaction confirmation and documentation

Financial Consumer Protection Principles and Rules - SAMA Rulebook

Payment Systems Governed or Overseen

The SAMA operates and/or oversees the national payment and settlement infrastructure of Saudi Arabia. Saudi Arabia operates an integrated national payment system under the umbrella of Saudi Payments, managed through SAMA oversight.

SARIE (Saudi Arabian Riyal Interbank Express) - RTGS

Type: Real-Time Gross Settlement (RTGS) system for interbank payments

Function: Enables instant money transfers between banks, significantly reducing reliance on cash settlements.

2024 Performance:

• Processed 593 million transactions
• 50% Compound Annual Growth Rate (CAGR) in 3 years
• System enables rapid interbank settlements with final and irrevocable payment finality

Source: The Saudi Arabian Riyal Interbank Express (SARIE)

Mada - Domestic Debit and ATM Network

Type: National debit card and ATM switching network

Operator: Saudi Payments (national operator under SAMA supervision)

Scope:

• Connecting all ATMs and POS terminals across Saudi Arabia
• Infrastructure: 17,000+ ATMs and 225,000+ POS terminals
• Largest payment network by transaction volume in the Kingdom

2024 Statistics:

• Processes billions of transactions annually
• Primary network for domestic card-based payments
• Covers merchant acquiring, cash withdrawals, and point-of-sale transactions

Non-Bank PSP Integration:

As of 2024, Saudi Payments added two non-bank entities as first-time integrations:

• Geidea Solutions - Merchant acquiring and payment processing
• STC Pay - Digital wallet and card issuance

Both entities enabled to issue Mada debit cards (digital and plastic), allowing electronic payments through POS and websites, plus ATM cash withdrawals within the Kingdom.

Source: Saudi Payments Network - Wikipedia

SADAD - Electronic Bill Payment and Presentment (EBPP)

Type: National bill payment system

Operator: Saudi Payments (SAMA supervised)

Function: Electronic Bill Presentment and Payment (EBPP) service enabling customers to view and pay bills from multiple billers through a unified platform.

2024 Performance:

• Handled 364 million transactions
• 8% Compound Annual Growth Rate (CAGR)
• Stable, mature system supporting utility payments, telecommunications, insurance, and government fees

Digital Fintech Integration into National Infrastructure

2026 Development: Alipay+ acceptance will be enabled by 2026, allowing international visitors to pay seamlessly with home wallets, expanding Saudi Arabia's digital payment acceptance capabilities globally.

Payment Systems Summary Table

Licensed Payment Service Providers and Fintech Ecosystem

SAMA licenses and regulates numerous payment service providers and fintech entities under its Payment Services Provider (PSP) framework.

Major Licensed Financial Technology Providers

National Payment System Strategy (NAPS)

SAMA established the National Payment System Strategy (NAPS) to:

• Modernize payment infrastructure
• Expand digital payment adoption
• Integrate emerging technologies
• Enhance cross-border payment capabilities
• Support fintech ecosystem development

Digital Assets and CBDC Development

Digital Riyal Project

SAMA is developing research and implementation frameworks for:

• Central Bank Digital Currency (CBDC) - Digital Riyal
• Stablecoin regulatory framework
• Virtual asset integration with payment systems
• Blockchain-based settlement mechanisms

Sources: Saudi Payments Network - Wikipedia, Payment, clearing and settlement systems in Saudi Arabia (BIS), Saudi Central Bank adds Geidea & STC Pay to national payment system, How Saudi Arabia Engineered a Digital Payments Boom

Relationship to Other Regulators

Regulatory Cooperation Agreements

SAMA has formalized cooperation mechanisms with key financial regulators:

Capital Markets Authority (CMA) Memorandum of Agreement:

• Establishes formal legal and regulatory cooperation
• Coordinates oversight of entities operating across banking and capital markets domains
• Aligns policy development on emerging financial services

SAMA Coordination with CMA

International Standards Compliance

SAMA participates in and implements international financial regulatory standards including:

• Basel III banking standards
• Financial Action Task Force (FATF) AML/CTF recommendations
• International payment system standards (ISO 20022)
• BIS conventions on cross-border financial cooperation

Regional and Multilateral Engagement

SAMA coordinates with:

• GCC central banks and monetary authorities
• Arab Monetary Union
• International Monetary Fund (IMF)
• World Bank financial sector programs
• Central banking and financial supervisory networks

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Official Contact Information

Organization: Saudi Central Bank (SAMA)

Address: King Saud Bin Abdulaziz Street, Riyadh, Saudi Arabia

Telephone: +966-11-463-3000

Website: https://www.sama.gov.sa/en-US/pages/default.aspx

Regulatory Portal: https://rulebook.sama.gov.sa/en/introduction-21

Current Leadership

Governor: Ayman Alsayari

• Appointment: February 2, 2023 (Royal Decree by King Salman bin Abdulaziz Al Saud)
• Background: Requires verification from official sources Established fintech and payment systems expertise
• Reporting: Direct to the King of Saudi Arabia

Vice-Governors:

• Khaled Al-Dhaher - Oversight of Supervision and Technology
• Ayman Alsayari [Note: Also serves as Governor]

Deputy Governors (Current):

• Abdulaziz S. Abanmi - Deputy Governor for Payments (appointed August 2024)
• Abdullah Alsaleh - Deputy Governor for Digital Transformation
• Additional deputy governor positions in operations and policy

Regulatory Resources

SAMA Rulebook (Comprehensive Regulatory Portal):

https://rulebook.sama.gov.sa/en/introduction-21

• Banking Control Law
• Payment Systems Regulations
• Consumer Protection Framework
• AML/CTF Compliance Guidance
• Cybersecurity Standards
• Digital Transformation and Fintech Guidelines

Consumer Complaint Portal:

Requires verification from official sources SAMA maintains a consumer grievance and complaint mechanism through official website channels

Regulatory Announcements and Press:

https://www.sama.gov.sa/en-US/News/pages/default.aspx

Contact Reference

For licensing inquiries, regulatory submissions, or compliance questions:

• Primary Contact: +966-11-463-3000
• Email: [UNVERIFIED - contact through official website portal]
• Regulatory Submissions: Through SAMA's secure regulatory portal

Notes on Naming and Language