Regulatory Alerts2020-08-26
Updated Rules Regulating Money Changing Business and License Fee Schedule
The Saudi Arabian Monetary Authority has issued updated rules establishing a comprehensive regulatory framework for licensed money changing businesses, detailing licensing procedures, capital thresholds ranging from two to ten million riyals, and permissible activities. The regulations mandate strict compliance with anti-money laundering and counter-terrorist financing requirements while introducing an updated fee schedule for license issuance and renewal. Furthermore, the rules outline operational obligations including governance standards, customer protection measures, periodic reporting, and supervisory inspection procedures to ensure market stability and financial inclusion.
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