Regulatory Alerts2018-12-14
Saudization of the Jobs of Money Exchangers of Class A and B
The Saudi Central Bank mandates the complete Saudization of all positions within Class A and B money exchange institutions, requiring them to submit a detailed implementation plan within two weeks of the circular's issuance. The regulation stipulates that all Saudization efforts must be fully completed within one year, with non-compliant entities subject to regulatory enforcement actions. This directive supports Saudi Vision 2030 by ensuring qualified Saudi nationals are appropriately trained and integrated into money exchange operations.
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