Regulatory Alerts2022-06-28
Rules for Receiving Money Transfers for Transfer or Currency Exchange Purposes
The Saudi Central Bank issued Circular No. 43098769 mandating that all domestic exchange centers and bank-affiliated transfer centers designate independent bank accounts to receive customer funds via electronic payment means for currency exchange or fund transfers. The circular restricts eligible recipients to registered members with unified reference numbers, requires all credited amounts to be in Saudi Riyals, and prohibits receiving cross-border transfers for currency exchange. It further enforces strict due diligence, mandates prior agreement on fees and exchange rates, specifies cashless refund procedures for canceled transactions within three business days, and requires continuous internal procedure development aligned with anti-money laundering and counter-terrorism financing regulations.