Regulatory Alerts2020-05-04
Allowing exchange centers to receive money transfers through electronic payment methods for currency exchange purposes only
The Saudi Arabian Monetary Authority permits exchange centers to receive customer money transfers via electronic payment methods solely for currency exchange purposes, subject to minimum attached procedures and controls. Exchange centers must implement these measures and formally notify the Authority within one month of the circular's effective date. Furthermore, centers are required to keep the Authority informed whenever they begin offering this electronic transfer service.
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