Regulatory Alerts2017-03-12
Guide to Regulating the Business of Financial Remittance Centers Affiliated with Banks
The Saudi Arabian Monetary Agency (SAMA) has issued the first edition of the "Guide to Regulating the Business of Financial Remittance Centers Affiliated with Banks" to support these centers in addressing technical, operational, and procedural challenges. This circular, based on the Banking Control Law and related ministerial resolutions, mandates all banks and financial institutions operating in the Kingdom to implement the guide's provisions starting from 15/10/1438 AH, corresponding to 09/07/2017 AD. The guide aims to ensure proper regulation and oversight of financial remittance operations conducted by bank-affiliated centers.
Share