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.
41056269
1441/09/12
Regulation 4
In the name of Allah, the Most Gracious, the Most Merciful
Headquarters
Saudi Arabian Monetary Authority
Exchange Centers Supervision Department
Attachments:
Circular
To the esteemed,
After greetings,
Subject: Allowing exchange centers to receive money transfers through electronic payment methods
for currency exchange purposes only.
Based on the powers granted to the Authority under its system, issued by Royal Decree No. (23) dated 1377/5/23 AH, and the Anti-Money Laundering System, issued by Royal Decree No. (M/20) dated 1439/7/5 AH, and in accordance with the Rules Governing Exchange Business, issued by Minister of Finance Decision No. (135) dated 1432/05/01 AH, and within the framework of the Authority's continuous efforts to develop the exchange sector in the Kingdom, regulate cash transactions, and update certain procedures related to its operations,
we inform you of the permission for exchange centers to receive money transfers from customers through available electronic payment methods, for currency exchange purposes only, subject to compliance with the procedures
and attached controls as a minimum.
For your information and implementation effective from its date, with the Authority to be informed within one month of its date
regarding the measures taken, as well as the requirement for exchange centers to notify the Authority when providing this service.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision
Distribution Scope:
- Banks operating in the Kingdom.
- All Category (B) exchange centers operating in the Kingdom.
Executed / Al-Nasser
P.O. Box 7992 Riyadh 11169 Phone: 4633000