Regulatory Alerts2017-05-18
Commitment to Employing Citizens in Currency Centers
The Saudi Arabian Monetary Authority's Currency Department mandates that all positions in currency centers, transfer centers, and branches must be filled exclusively by Saudi nationals. The circular requires licensed banks and exchange companies to immediately submit a detailed employee roster to verify compliance with this hiring mandate. Non-compliance subjects institutions to maximum penalties, and the completed form must be submitted to the Currency Centers and Operations Supervision Section within one week of issuance.
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