The Saudi Arabian Monetary Authority "SAMA" announces the issuance of His Excellency the Minister of Finance's decision approving the modernization of the rules regulating the conduct of money exchange business in the Kingdom. It will replace the rules issued in 1432 AH. SAMA notes that the rules contribute to achieving a number of goals, the most important of which are: expanding the scope of exchange business and facilitating its presentation, enhancing financial inclusion, in addition to stimulating innovation and competition, using technology in the exchange sector, and protecting customers' rights.

SAMA indicated that the rules included a number of changes, most notably: Enabling the practice of activity through a greater number of legal forms without limiting the practice of activity to solidarity companies or individual institutions. This is in order to support the continuity of activity and encourage the entry of investors. The updated rules have also stipulated provisions regulating the mechanism for providing electronic services, To keep pace with the digital transformation and the diversification of options for customers. For which the rules came with special requirements to protect them, the changes also included the regulation of the activity of importing and exporting cash in accordance with the nature of this activity and the requirements of its practice, whether in terms of the size of capital or the requirements of combating money laundering and terrorist financing.

                SAMA clarified that the decision to approve the updating of the rules granted licensed exchange companies and institutions in service currently, a one-year period from the date of enforcement of the rules, To amend conditions in accordance with its provisions. SAMA Pointed out that the issuance of the rules comes from its keenness to keep pace with the latest developments in the financial sector, and in pursuit of its objectives in developing the money exchange sector, and in terms of its supervisory role to support this sector to keep pace with the economic development in the Kingdom, and to contribute to achieving the objectives of the sector development program, which is one of the pillars of the Kingdom's Vision 2030. The rules can be found by visiting (link).