the Money Changer Supervision Division
SAMA is responsible of maintaining the financial
sector’s soundness and effectiveness in carrying out its obligations towards
the country, financial service users and shareholders. Keen to regulate money changers
which are a part of the financial sector system, SAMA has established the Money
Changer Supervision Division. The Division is responsible for supervision and
control of the money changing sector in Saudi Arabia.
The Money Changer Supervision Division aims
to supervise and regulate money changers by granting licenses, issuing policies
and regulations, and carrying out continuous supervision and inspection. It
seeks to ensure compliance with the regulations and instructions issued by SAMA
and take the necessary actions in case of violation.
- Functions and Responsibilities:
- Ensuring that money changers comply with the
regulations and policies issued by SAMA.
- Conducting money changer on-site
and off-site inspections.
- Developing a risk assessment
process for money changers, following up such process, and assessing key risks
and mitigation actions.
- Organizing the process of
entering the sector as well as issuing, renewing and revoking licenses.
- Studying requests submitted by
money changers and granting approvals on contracts, products, services, senior
position appointments and branch openings and relocations.
- Issuing and developing policies,
rules and regulations on money changers.
- Ensuring that the money
changing sector’s policies and standards are in line with the best
international practices and in accordance with the Saudi laws.