SAMA Payment Services Provider (PSP) Compliance in Saudi Arabia
From controls to licenses, we strengthen your cybersecurity posture, ensuring you derive audit-readiness for SAMA-regulated payment
services in Saudi Arabia.
Why SAMA PSP Compliance Matters in Saudi Arabia
Businesses and enterprises in Saudi Arabia, i.e., fintechs, financial services, SaaS service providers, and those operating in the payment card industry should strictly adhere to the SAMA (Saudi Arabian Monetary Authority) regulatory frameworks. This is mission-critical because non-compliance can prove way too costly through access blockage to market, strict restriction of services, and loss of stakeholder trust.
SAMA (now Saudi Central Bank), established in 1952, functions as the prime financial regulator in Saudi Arabia, responsible for issuing and controlling currency, monetary policy, and supervising banking operations to ensure financial stability. It also oversees the payment systems, promotes innovation for fintech organizations, protects consumer data, and most importantly, mandates complying with cybersecurity standards. Better referred to as the “guardian of the Kingdom’s financial system, SAMA’s regulatory authority extends to controlling the payment service operators for the latter to maintain compliance and obtain license to operate in Saudi Arabia.
Thus, as far as it concerns licensing and setting interest rates, SAMA as an authoritative entity considers them crucial to maintain economic stability and growth.
Our Essential SAMA Compliance Checklist for Payment Service Providers
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Licensing readiness
At Wattlecorp, we help Saudi-based Payment Service Providers (PSPs) prepare and validate licensing documentation. Aligned with SAMA PSP compliance requirements, these processes comprehensively assess business models, ownership structures, operational readiness, and financial projections to help maintain sustainability, risk awareness, and regulatory alignment from the start through application and business plan. -
Governance & risk-management controls
Because strong governance lays the foundation for SAMA PSP compliance, we assist in establishing robust governance frameworks for the PSPs. These comprise board and audit committee structures, defined risk ownership, segregating duties, and setting internal control mechanisms to prevent conflicts of interest and operational failures. -
AML / CTF compliance
PSPs should strictly meet SAMA and Saudi AML regulations by implementing effective AML/CTF programs. Our compliance experts play a key role in this regard by supporting the design and undertaking assessment for KYC procedures, monitoring transactions, screening sanctions, reporting suspicious activity, and overseeing ongoing compliance to mitigate financial crime risks. -
Safeguarding customer funds
Protecting customer funds is one of the chief mandates of SAMA payment services provider regulations. With Wattlecorp enabling PSPs to have appropriate fund segregation mechanisms, escrow arrangements, reconciliation processes, and transparency controls, these adequately ensure protection of customer money from misuse, insolvency risks, and operational lapses. -
Cybersecurity & data protection controls
The relentless rise in cyber threats, SAMA strongly emphasizes improving cybersecurity resilience for critical sectors like BFSI, specifically targeting the payment service providers. Conducting risk assessments, validating security controls (encryption and access) through VAPT, and improving incident response help strengthen security postures for PSPs, making sure that these align with SAMA Cybersecurity Framework (SAMA CSF) and Saudi-specific data protection laws, i.e., PDPL. -
Agent/third-party oversight
PSPs should remain accountable for the agents’ activities and outsourced service providers. With Wattlecorp implementing third-party risk management frameworks,including due diligence, contractual controls, and ongoing monitoring and security assessments, these help ensure compliance across the PSP ecosystem. -
Record-keeping & audit trails
SAMA PSP Compliance requires maintaining accurate, tamper-proof records for regulatory review. Wattlecorp’s assistance in this regard involves defining record retention policies, securing storage, logging audits and traceability mechanisms to make sure financial, operational, and security records are retained for a minimum of 10 years. -
Customer protection/complaints mechanisms
Customer trust and transparency are critical to meeting SAMA PSP compliance regulations. We support this process by implementing customer protection frameworks, including, but not limited to offering clear disclosures, smoothening (streamlining) complaint management processes, escalation procedures, and response timelines, all aligned with regulatory expectations. -
Business continuity & resilience planning
Maintaining operational resilience is a regulatory priority for SAMA-regulated PSPs. With Wattlecorp's designing and testing business continuity plans, disaster recovery strategies, backup systems, and crisis response frameworks, these help foster uninterrupted services during cyber incidents, system failures, or external disruptions.
A Service Module Designed to Help You Achieve SAMA PSP Compliance
Our SAMA PSP Compliance process follows a structured approach directed to help you achieve one.
Licensing & Regulatory Gap-Analysis
A systematic analysis or mapping of existing compliance practices against SAMA's mandatory requirements upon obtaining license to maintain regulatory standards.
Governance & Risk Framework Implementation
Ensure adherence with SAMA's Rulebook-specific regulatory requirements.
Cybersecurity & Data Protection
Mapping controls among essential cybersecurity frameworks (both local and global) and data protection standards).
Operational Compliance & Safeguarding Financial Transactions
Building a robust cybersecurity framework to secure processes that include fund segregation and transfers with close monitoring.
Audit & Reporting Readiness
Maintaining robust, ongoing, and auditable evidence of adherence to mandatory laws, including cybersecurity and AML.
Agent & Third-Party Management
Efficiently undertaking third-party risk management through continuous monitoring of controls to adhere to cybersecurity and regulatory compliance standards.
SAMA PSP Compliance Benefits for Your Business
- Expert PSP compliance services with coverage for BFSI, SaaS, and Fintech
- Accelerate market entry in KSA
- Reduced regulatory and reputational risk
- Investor-grade control environment demonstration
- Continuous compliance and reporting readiness
- License-ready SAMA PSP Compliance Solutions
Attain and ensure operational security through PSP Compliance in Saudi Arabia.
Why Trust Wattlecorp in Your SAMA PSP Compliance Journey
Partnering with Wattlecorp for achieving SAMA PSP compliance offers you:
- A two-in-one coverage for core compliance services, i.e., cybersecurity and regulatory consulting aligned with relevant governance frameworks.
- A 100% assured cybersecurity while supporting audit readiness through compliance-focused services that primarily include VAPT.
- Helps minimize complexities and uncertainties surrounding regulatory, cybersecurity, and licensing requirements, including internal control gaps.
- Enhanced “Go-to-market” speed in the Saudi payments sector.
Compliance / Local Facts in the Saudi Context
- The SAMA Payment Services Provider Regulatory Guidelines” for licensed banks or PSP defines obligations that include, but are not limited to safeguarding customer funds using robust security measures, governance, mandatory audit undertakings, and protecting customer data. The prime intent behind these is to omit consequences owing to non-compliance to simultaneously result in earning customer trust.
- The “Law of Payments and Payment Services” in Saudi Arabia gives SAMA oversight of payment services, requiring Payment Service Providers to obtain SAMA PSP licence.
- SAMA issued new implementing regulations with effect from July 2023, reinforcing controls and licensing requirements.
Spearhead Your SAMA PSP Licensing Journey with Expert Guidance
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F.A.Q
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A payment services provider or PSP under SAMA regulations is a licensed entity, one who offers third-party financial services like payment processing, money remittance, etc., and issues cards as payment instruments. They also provide account information services and operate payment accounts. All these services are predominantly overseen by SAMA’s Law of Payments and Payment Services.
PSPs under SAMA in Saudi Arabia should maintain strict governance and risk management attributes, Essentials among these include:
- Developing, approving, and reviewing policies annually to align with the PSP’s risk appetite.
- Preparing and submitting a detailed organizational chart to SAMA that lists every department and senior positions.
- Ensure that the key individuals entitled to critical functions like compliance, risk management, and internal audits are ‘fit and proper.’
Wattlecorp’s expertise in compliance-related matters helps PSPs attain and ensure SAMA compliance through:
- End-to-end consulting
- Comprehensive risk assessment through VAPT and gap analysis
- Security controls implementation
- Regular training sessions for staff
- Ongoing monitoring for governance and vendor risk management
- Automating PSP operations within the strict SAMA Cybersecurity Framework.
- Testing incident response
- Providing real-time updates on evolving SAMA standards, including comprehensive cybersecurity consulting services
Yes. you should set up a registered legal (local) entity or presence in Saudi Arabia. This requirement goes according to the SAMA’s Payment Service Provider Regulations and Rulebook.
As part of the licensing documentation, applicants, i.e., PSPs should provide evidence that they’re domestically registered to operate in Saudi Arabia.
There should also be an in-principle approval, meaning that a PSP applicant (or any fintech company) should be incorporated (registered) as a local entity within the timeframe set by SAMA.
Noncompliance with SAMA Payment Services Provider guidelines results in consequences that are not limited to legal complications, financial losses, and reputational damage. Other severities include:
- License revocation
- Cyber vulnerabilities and associated risks
- Frequent scrutiny
- Criminal charges and operational disruption
- Loss of customer trust
- Loss of business continuity
Get your SAMA PSP Assessment!
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