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samaSaudi Arabian Monetary AuthorityNewsStatement on the suspension of a number of Money Changing Companies
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Statement on the suspension of a number of Money Changing Companies
25/09/2017

The Saudi Arabian Monetary Authority (SAMA) is responsible for the prudential regulation and supervision of Money Changing Companies, based on the powers entrusted to SAMA by the Minister of Finance's Decision No (1357) dated 01 / 05 / 1432H.

SAMA hereby announces the suspension of the money remittance services of the following companies for non-compliance with the regulatory requirements:

  • Sons of Mohammed Muneer Halawanee for Money Changing  Company;
  • Abdul Aziz Abdullah Al_Zamil and His Sons for Money Changing  Company; and
  • Sa'id Mohammed Ali Al-Amoudi and Partners for Money Changing Company.

This suspension of the money remittance services will remain in place until the firms take the appropriate corrective measures to comply with the regulatory requirements.

Should the Money Changing Companies fail to take the corrective measures, SAMA will take additional regulatory actions. This decision stems from SAMA's role to ensure that all financial institutions implement the relevant regulatory requirements.

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