The Saudi Arabian Monetary Authority (SAMA) announced its
decision on 1441/11/9H, corresponding to 10/10/1999 AD, which includes
revocation a license to transfer funds inside and outside the Kingdom to Saeed
Mohammed Ali Al-Amoudi & Co, of its head office and branches. This includes
amending its classification from class A to class B, while continuing licensing
the other activities of the company, based on paragraph (C) of article (14) of
rules governing the conduct of exchange activities issued by the decision of
the Minister of Finance No. (1357) dated 1432/05/01
SAMA clarified that the cancellation decision based on the
company’s violations of anti-money laundering law and its executive
regulations, anti-terrorism crimes and financing regulations and its executive
regulations, anti-money laundering and terrorism financing rules and rules
governing the conduct of money exchange activates. SAMA invites all consumers
who have rights and claims to review the company in this regard. In the case of
no response by the company, SAMA urges filing a complaint within three months
of this circular to the Consumer Protection Department at SAMA CARE, on www.samacares.sa or by calling toll-free
8001256666.
To look at the
decision: http://www.sama.gov.sa/ar-sa/Laws/BankingRules/D3.pdf