- About the Money Changer Supervision Division
SAMA is responsible of maintaining the financial sector’s soundness and effectiveness in carrying out its obligations towards the country, financial service users and shareholders. Keen to regulate money changers which are a part of the financial sector system, SAMA has established the Money Changer Supervision Division. The Division is responsible for supervision and control of the money changing sector in Saudi Arabia.
The Money Changer Supervision Division aims to supervise and regulate money changers by granting licenses, issuing policies and regulations, and carrying out continuous supervision and inspection. It seeks to ensure compliance with the regulations and instructions issued by SAMA and take the necessary actions in case of violation.
- Functions and Responsibilities:
- Ensuring that money changers comply with the regulations and policies issued by SAMA.
- Conducting money changer on-site and off-site inspections.
- Developing a risk assessment process for money changers, following up such process, and assessing key risks and mitigation actions.
- Organizing the process of entering the sector as well as issuing, renewing and revoking licenses.
- Studying requests submitted by money changers and granting approvals on contracts, products, services, senior position appointments and branch openings and relocations.
- Issuing and developing policies, rules and regulations on money changers.
- Ensuring that the money changing sector’s policies and standards are in line with the best international practices and in accordance with the Saudi laws.