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samaSaudi Arabian Monetary AuthorityNewsSAMA Cancels Saeed Muhammad Ali Al-Amoudi & Co Company’s Activity
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SAMA Cancels Saeed Muhammad Ali Al-Amoudi & Co Company’s Activity
10/09/2019

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



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