The Saudi Arabian Monetary Authority (SAMA) out of its regulatory and supervision role announces the issuance of it decision dated on 1440/06/14H involving the cancellation of the exchange license of Khaled Salem Saleh Abdulaziz Establishment given by SAMA for carrying exchange business for its main office in Riyadh.

SAMA explained in a statement that its decision to revoke the license was due to the failure of that entity to comply with Article 14 (a) of the rules governing the conduct of exchange business issued by the Minister of Finance Resolution No. 1357 dated on 1432/05/01. This decision comes within the framework of SAMA’s keenness to protect the exchange sector in the Kingdom and the commitment of all financial institutions to implement all regulatory requirements.