The Saudi Arabian Monetary Authority (SAMA) announces the launch of a draft update for the rules governing the conduct of money exchange business in the Kingdom issued by the Minister of Finance Decision No. (1357) dated 05/01/1432 AH, in order to strengthen the principle of transparency and participation. SAMA invites the public and interested people to express their observations and opinions on the project before 06/26/1441 AH corresponding to 02/20/2020 AD.

                SAMA stated that this step comes out of its keenness to keep abreast of the latest developments in the financial services sector, and in pursuit of its goals in developing the money exchange sector. Moreover, it is a part of SAMA's supervisory role to support this sector to keep pace with the economic development in the Kingdom towards achieving the objectives of the sector development program Finance, which is one of the pillars of the Kingdom's Vision 2030.

                SAMA indicated that a draft update of the rules has been published via the link: http://www.sama.gov.sa/ar-sa/Laws/Pages/BankingPublicConsultation.aspx, in order to obtain the public and interested opinions via e-mail. : MEXCH@SAMA.GOV.SA, noting that all opinions and observations will be the subject of study for the purpose of adopting the final version of these rules.