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samaSaudi Arabian Monetary AuthorityServicesSubmit applications for licenses to practice money exchange
Submit applications for licenses to practice money exchange

Submit applications for licenses to practice money exchange

 

How to fill out the application form to obtain a license to practice money exchange

Anyone who want to apply for a license to engage in money exchange business should:

  • See the rules governing the conduct of money exchange business issued by the decision of the Minister of Finance No. 1357 dated 01/05/1432 AH (Through the link).
  • Ensure that the conditions required to conduct the activity are met before filling out the application form for the license to practice the exchange business.
  • Complete all required attachments as follows:

 

Individual institutions:

  1. Copy of the national identity.
  2. Fill in the form of the eligibility criteria questionnaire for the founder of the individual institution attached, sign it and re-attach it to the application (Through the link).
  3. Fill out the undertaking of the license to conduct of money exchange business attached, sign it, and re-attach it to the application (Through the link).
  4. CV of the founder must contain (personal information, certificates, qualifications, experiences, etc.).
  5. A general credit report approved by a credit information company licensed under the Credit Information System.
  6. A feasibility study approved by one of the licensed offices in the Kingdom.
  7. Five-year work plan.
  8. Certificate from the Ministry of Commerce and Industry in the commercial activities practiced by the applicant.

 

 

Unlimited Liability Company:

  1. Copy of the national identity of each founder.
  2. Fill in the form of the eligibility criteria questionnaire for each founder of the money exchange company, sign it, and re-attach it to the application (Through the link).
  3. Fill out the undertaking of the license to conduct of money exchange business attached, sign it, and re-attach it to the application (Through the link).
  4. CV of the each founder must contain (personal information, certificates, qualifications, experiences, etc.).
  5. A general credit report for each founder approved by a credit information company licensed under the credit information system.
  6. A feasibility study approved by one of the licensed offices in the Kingdom.
  7. Five-year work plan.
  8. Organizational Structure.
  9. Draft Memorandum of Association.
  10. Draft Statute.

 

 

Notice:

SAMA would like to reaffirm to all citizens the importance of refraining from practicing any of the money exchange activities in the Kingdom of Saudi Arabia without a license from SAMA. Anyone who carries out any money exchanging activity without a license will be subject to the penalties stipulated in the Banking Control Law, In addition to the denial of a license to engage in money exchange, and in the event of non-completion of the request is considered as if it was not.

 

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