Regulatory Alerts2009-05-10
SAMA Approval to Provide Remittance Services
The Saudi Arabian Monetary Authority mandates that all licensed banks and exchange houses obtain prior approval before contracting with specialized international money transfer companies, citing increased risk and systemic responsibility. Licensed institutions must also review existing contracts to ensure compliance with domestic regulatory requirements, including anti-money laundering and outsourcing controls. These entities are required to submit their approval requests and report on compliance actions within one month of the circular's issuance.
Share