BUSINESS

SAMA stops activities of Al-Amoudi Exchange

November 15, 2017

Okaz/Saudi Gazette report

RIYADH
— The Saudi Arabian Monetary Authority (SMA) has stopped currency exchange house Saleh Hussain Al-Amoudi Sons Co. from conducting business for violations.

“The Authority asserts that the suspension will not be lifted until the company corrects these conditions and is in full compliance with regulatory requirements,” SAMA said on its website.

The central bank in September suspended three currency exchange houses from making money transfers.

In September, SAMA said that it has suspended the activities of the three currency exchange houses for the violation of rules prescribed by it and also emphasized that suspension will be lifted only when errant exchange houses rectify their status by complying with regulations.

If the currency exchange houses fail to comply with regulations and correct their status, further legal measures will be taken, SAMA said on its website at that time.

There are four licensed currency exchangers in class “A” group in the Kingdom.


November 15, 2017
2929 views
HIGHLIGHTS
BUSINESS
16 hours ago

Elm, One sign MoU to enhance strategic partnership and support local content in communications and marketing sector

BUSINESS
6 days ago

Petromin and Foton sign Four-Party MoU to establish joint commercial vehicle manufacturing plant in Saudi Arabia

BUSINESS
7 days ago

Don't take risks: Make the proactive shift to new Windows 11 Pro devices as Windows 10 support nears end