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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Head Office Currency Department
Circular
Number: 381000088991 Date: 1438/08/22 AH Attachment: Transaction Basis
Subject: Commitment to Employing Citizens in Currency Centers
Dear Sir,
Greetings:
Further to the Authority's Circular No. 341000068320 dated 1434/06/03 AH regarding the commitment to employing citizens and the requirements for contracting with employment service companies, and given that Item 1, Paragraph (2) stipulates that appointment and work in all branch, transfer center, and currency center positions must be restricted exclusively to Saudi nationals without specifying the job type, and to complete the replacement with Saudis by a maximum date of 2013/12/31 AD, it has come to our attention that a number of non-Saudi employees are working in currency centers, whether as bank employees or employees of companies contracted by the bank. This constitutes a violation of the regulations stipulated in this regard and exposes non-compliant banks and companies to the maximum applicable penalties.
Accordingly, we request that you provide us with evidence demonstrating compliance with the aforementioned regulations, along with a detailed list of employees, whether in the bank's currency units and centers, exchange companies and institutions, or centers belonging to contracted companies, as follows:
| Name | Nationality | National ID / Iqama Number | Job Title | Currency Center Name |
|---|---|---|---|---|
Please submit the completed form to the Currency Centers and Operations Supervision Section at the Authority within a maximum period of one week from the date of this circular.
Yours sincerely,
Hisham bin Uthaim Al-Haqeel Deputy Governor for Banking Operations
Distribution Scope:
- Licensed banks and exchange companies operating in the Kingdom
- Companies licensed to operate unified currency centers
- Respected Deputy Governor for Supervision
- General Directorate of Legal Affairs
- Currency Department
P.O. Box 2992, Riyadh 11169, Phone: +966 11 4633000, Fax: +966 11 4662980, Email: currency@sama.gov.sa