Regulatory Alerts2019-09-11
Cancelling the License to Transfer Funds Inside and Outside Saudi Arabia for Saeed Mohammed Ali Al-Amoudi & Co, of Its Head Office and Branches
The Saudi Arabian Monetary Authority (SAMA) issued Decision No. 11/S/2019 to cancel the fund transfer license of Saeed Mohammed Ali Al-Amoudi & Co. for Exchange across its head office and branches, reclassifying it from Category A to Category B while preserving its other exchange licenses. Financial institutions and exchange companies operating in Saudi Arabia are required to cease transactions with the company specifically regarding domestic and international fund transfers, while continuing its foreign currency, travelers' check, and bank check services. SAMA mandates that all affected entities report their compliance actions within one week of the circular's issuance date.
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