Regulatory Alerts2020-10-13
Updating the data collection form for exchange centre employees
The Saudi Arabian Monetary Authority has updated the employee data collection form for exchange centres, mandating quarterly submissions within fifteen days of each quarter’s end starting from the fourth quarter of 1442H. This circular requires all exchange centres to provide the updated form via email and strictly adhere to the revised reporting schedule. Non-compliant entities will face regulatory enforcement actions as stipulated under Article Twenty-Nine of the Exchange Centres Regulations.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority
Head Office
Exchange Centres Supervision Department
Attachments: Enclosed
Circular
To: Respected [Exchange Centres]
Peace, mercy and blessings of Allah be upon you,
Subject: Updating the data collection form for exchange centre employees
Pursuant to Item (3) under Paragraph (a) of Article (Twenty-Nine) of the Regulations Governing Exchange Centres Activities, issued by Ministerial Decision No. (4686) dated 21/11/1442H, which stipulates:
"that the exchange centre shall submit periodic data to the Authority, including information about the centre's activities, which includes, without limitation: 3- a list of employee data."
Accordingly, we inform you of the updated employee data collection form as per the attachment. The Authority shall be provided with this form on a quarterly basis within fifteen (15) days from the end of each quarter, at the latest, starting from the fourth quarter of 1442H. The form will be provided to you via email.
The Authority emphasizes the necessity of complying with the aforementioned update, noting that it will take all regulatory measures against exchange centres violating the provisions of this circular.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision
[Signature]
P.O. Box 7942, Riyadh 11174 | Tel: 011 6733000