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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Head Office
Money Exchange Centers Supervision Department
Reference No.: 41/21755 Date: 06/04/1440 AH Attachments: None
Circular
Subject: Saudization of Jobs for Money Exchange Institutions and Companies (Class A & B)
To: Respected Sirs, Peace be upon you,
Based on the authorities granted to the Saudi Central Bank under paragraph (c) of Article 15 of the Regulations Governing Money Exchange Activities, issued by Minister of Finance Decision No. (1357) dated 01/05/1432 AH, the Bank is authorized to issue any instructions it deems necessary to apply supervisory and regulatory requirements on money exchange activities.
In line with the objectives of Saudi Vision 2030, the Bank emphasizes restricting all activities in this sector to Saudi nationals and requires the qualification of Saudi employees and their enrollment in appropriate training programs suited to their job nature. Money exchange institutions and companies must immediately take the necessary steps to ensure full compliance with this circular, and provide us within two weeks of its date with a plan for the complete Saudization of your jobs. The total timeframe for completing the Saudization of all jobs shall not exceed one year from the date of this circular. Please note that the Bank will take all necessary regulatory actions against non-compliant money exchange institutions and companies.
Yours sincerely,
Brigadier General Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope: • Money exchange institutions and companies operating in the Kingdom (Class A & B)
Bin Sudan P.O. Box 2992, Riyadh 11169, Phone: 011 4633000