The Saudi Central Bank (SAMA) announced its decision to revoke the license granted to Mohammed Hamoud Alshareef Establishment to conduct money exchange business in Saudi Arabia.

The revocation decision was based on Paragraphs (a) and (b) of Article (34) of the Rules Regulating Money Changing Business.

SAMA calls on stakeholders with existing rights and claims to refer to the establishment in this regard.

SAMA also emphasizes the importance of dealing exclusively with authorized financial institutions, which can be verified on SAMA’s website.​