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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Head Office
Banking Policies Department
Ref. No.: 43931/67 Date: 12/07/1440 Attachments: None
Circular
To the Esteemed,
Peace, mercy, and blessings of Allah be upon you,
Subject: Cancelling the Currency Exchange License of Mohamed Mounir Halawani Sons Company and Its Branches.
Based on Clause (c) of Article (One) and Clause (d) of Article (Three) of the Saudi Central Bank System, issued by Royal Decree No. (23) dated 23/5/1377 AH, and based on Clause (a) of Article (Fourteen) of the Rules Governing the Practice of Currency Exchange Business, issued by Minister of Finance Decision No. (1357) dated 1/5/1432 AH, and based on Article (Twenty-Five) of the Anti-Money Laundering System, issued by Royal Decree No. (م/20) dated 5/2/1439 AH, and Article (Eighty-Three) of the Anti-Terrorism Financing System, issued by Royal Decree No. (م/21) dated 12/2/1439 AH.
Please be informed that the Honorable Governor of the Saudi Central Bank has issued Decision No. (59) dated 11/7/1440 AH, based on the delegated authorities, to cancel the Currency Exchange License issued by the Saudi Central Bank under No. (58/ص) for practicing currency exchange business - Category (A) for its head office in Jeddah Province and its affiliated branches.
Accordingly, I hope the necessary actions are taken regarding refraining from conducting transactions with the aforementioned company concerning the buying and selling of currencies, along with other banking transactions related to currency exchange business, except for transactions related to the liquidation of its business, which shall not exceed three months from this decision's date, in addition to taking appropriate precautionary measures.
For your information, action in accordance with it, and providing us with the measures taken regarding this within one week from its date.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
- Category (A, B) currency exchange institutions and companies operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Telegram Address: Markazi, Telex: 404400, Phone: 4663000, Fax: 4662414