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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Head Office
Office of the Deputy Governor for Supervision
No.: 2471/67 Date: 1441/01/12 Attachments: None
Circular
To the Esteemed,
Peace, mercy, and blessings of Allah be upon you.
Subject: Cancelling the License to Transfer Funds Inside and Outside Saudi Arabia for Saeed Mohammed Ali Al-Amoudi & Co. for Exchange, regarding its Head Office and Branches.
Pursuant to Clause (c) of Article (One) and Clause (d) of Article (Three) of the Saudi Arabian Monetary Authority System, issued by Royal Decree No. (23) dated 1377/05/23H, and pursuant to Clause (a/8) of Article (Fourteen) of the Regulations Governing the Practice of Exchange Activities, issued by Minister of Finance Decision No. (1357) dated 1432/05/01H. In continuation of the Authority's Circular No. 381000125182 dated 1438/12/27H, which notified the suspension of fund transfer activities for Saeed Mohammed Ali Al-Amoudi & Co. for Exchange.
Please be informed that the His Excellency the Governor of SAMA has issued Decision No. (11/S/2019) dated 1441/01/11H, cancelling the license for fund transfer activities inside and outside Saudi Arabia for Saeed Mohammed Ali Al-Amoudi & Co. for Exchange, regarding its Head Office and Branches (Category A), and amending its classification to Category (B).
Therefore, I kindly request taking the necessary action regarding the cessation of transactions with the aforementioned company concerning fund transfer activities inside and outside Saudi Arabia only, while maintaining its licenses for other exchange activities (buying and selling foreign currencies - buying and selling travelers' checks - buying bank checks).
For your information, implementation, and to provide us with the actions taken regarding this matter within one week from its date.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
On behalf of / Hashim bin Uthman Al-Haqeel Deputy Governor for Financial Sector Development
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
- Exchange institutions and companies operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Tel: 4662300 - Fax: 4662543