Regulatory Alerts2018-08-15
Resuming money exchange activities for Lafi Awad Al-Harbi Exchange Establishment
The Saudi Arabian Monetary Authority has approved the resumption of money exchange activities for Lafi Awad Al-Harbi Exchange Establishment, reversing its previous temporary suspension. All banks and Category A/B exchange institutions operating in the Kingdom are directed to resume transactions with the establishment and verify its effective compliance with applicable regulatory controls. This urgent circular mandates immediate operational adjustments to align with the renewed authorization and applies across all relevant financial entities in the Kingdom.
In the name of Allah, the Most Gracious, the Most Merciful Saudi Arabian Monetary Authority Headquarters
Banking Supervision Department No. : ............................................................ Attachments: .........................................................
Saudi Arabian Monetary Authority No.: 53958 / 41 Date: 1439/12/04 Attachments: None
(Circular / Urgent)
His Excellency / ............................................................ Respected Institution / Company
With regards,
Subject: Resuming money exchange activities for Lafi Awad Al-Harbi Exchange Establishment
With reference to the Authority's Circular No. 391000090422 dated 1439/08/23 AH regarding the decision to temporarily suspend Lafi Awad Al-Harbi Exchange Establishment from conducting its business.
I wish to inform you that the resumption of business for the aforementioned institution has been approved; therefore, please take the necessary actions regarding transactions with it and verify its effective compliance with all relevant regulatory and supervisory controls.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
On behalf of: Ayman bin Mohammed Al-Sayari Deputy Governor for Investment
Distribution Scope:
- All banks operating in the Kingdom.
- All Category A and B money exchange institutions and companies operating in the Kingdom.
- Al Namir Center.
P.O. Box 2992, Riyadh 11169, Central Telegraph: 404400, Telephone: 4633000, Fax: 4662119