Regulatory Alerts2019-03-19
Cancelling of the Currency Exchange License of Mohamed Mounir Halawani Sons Company and Its Branches
The Saudi Central Bank issued Decision No. 59 to cancel the Category A currency exchange license of Mohamed Mounir Halawani Sons Company and its branches, instructing regulated entities to cease currency buying/selling and related banking transactions with the company. Liquidation-related transactions remain permitted for up to three months from the decision date, provided institutions implement appropriate precautionary measures and report their compliance actions within one week. This directive effectively suspends the company's active currency exchange operations while enabling a structured wind-down period.
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