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.
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9041060557
Saudi Arabian Monetary Agency Head Office
Banking Policy Department Number: 381000063572 Date: 1438/06/14 Attachments:
Circular
To His Excellency/ Esteemed, Greetings,
Subject: Guide to Regulating the Business of Financial Remittance Centers Affiliated with Banks.
Based on the Banking Control Law issued by Royal Decree No. M/5 dated 22/02/1386 AH, and Ministerial Resolution No. 2149/3 dated 14/10/1406 AH related to the implementation of the provisions of the Banking Control Law, and in continuation of the Agency's efforts to support financial remittance centers by addressing various technical, operational, and procedural challenges.
Attached herewith is the first edition of the "Guide to Regulating the Business of Financial Remittance Centers Affiliated with Banks". The Agency emphasizes to banks and financial institutions operating in the Kingdom the commitment to implement its provisions starting from 15/10/1438 AH, corresponding to 09/07/2017 AD.
Sincerely,
Ahmed bin Abdullah Al-Sheikh Deputy Governor for Supervision
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
P.O. Box 2992 Riyadh 11169, Cable Address: Markazi, Telex 404400 Tel 4633000 Fax 4662414
==Screenshot for page 2== [Image of logo] Saudi Arabian Monetary Agency General Department of Banking Supervision Banking Policy Department
Guide to Regulating the Business of Financial Remittance Centers Affiliated with Banks
First Edition Jumada al-Akhirah 1438 AH March 2017 AD
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Table of Contents
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(SAMA) has issued a circular regarding the