SAMA Lifts the Suspension From Mohammed Hassan Bitar and Sons for Money-Exchange services

8/18/2018 12:00 AM
Saudi Arabian Monetary Authority (SAMA) announced its decision to lift the suspension, and allow Mohammed Hassan Bitar and Sons Company to practice Money-exchanges services effective from 04/12/1439 corresponding to 15/08/2018. This reference is made to SAMA's announcement dated 1439/08/23 corresponding to 2018/05/09, which includes SAMA's decision to suspend money-exchanging activity temporarily for a number of companies including Mohammed Hassan Bitar and sons Company for money-exchange services. SAMA clarified in its statement that the decision came in view to the company's compliance to the technical and regulatory requirements, stressing on the same time on its decision to put Mohammad Hassan Bitar and Sons Company under intensified follow-up to verify the effective application of all relevant regulatory and control requirements.
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