Regulatory Alerts2019-02-25
Cancellation of the Currency Exchange License of Khaled Salem Saleh Abdulaziz Establishment
The Saudi Arabian Monetary Authority (SAMA) issued Decision No. 58 to cancel the Category B currency exchange license of Khaled Salem Saleh Abdulaziz Establishment, headquartered in Riyadh. Regulated banks and currency exchange firms must immediately cease transactions with the establishment concerning currency buying and selling, while continuing related banking operations and permitting liquidation activities for a maximum of three months. SAMA further requires these entities to implement appropriate safeguard measures and submit compliance reports within one week of the decision's effective date.
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