Allowing exchange centers to receive money transfers through electronic payment methods for currency exchange purposes only

41056269
1441/09/12
Regulation 4

In the name of Allah, the Most Gracious, the Most Merciful Headquarters Saudi Arabian Monetary Authority

Exchange Centers Supervision Department
Attachments:

Circular

To the esteemed,
After greetings,

Subject: Allowing exchange centers to receive money transfers through electronic payment methods for currency exchange purposes only.

Based on the powers granted to the Authority under its system, issued by Royal Decree No. (23) dated 1377/5/23 AH, and the Anti-Money Laundering System, issued by Royal Decree No. (M/20) dated 1439/7/5 AH, and in accordance with the Rules Governing Exchange Business, issued by Minister of Finance Decision No. (135) dated 1432/05/01 AH, and within the framework of the Authority's continuous efforts to develop the exchange sector in the Kingdom, regulate cash transactions, and update certain procedures related to its operations, we inform you of the permission for exchange centers to receive money transfers from customers through available electronic payment methods, for currency exchange purposes only, subject to compliance with the procedures and attached controls as a minimum.

For your information and implementation effective from its date, with the Authority to be informed within one month of its date regarding the measures taken, as well as the requirement for exchange centers to notify the Authority when providing this service.

Yours sincerely,
Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

• Banks operating in the Kingdom.
• All Category (B) exchange centers operating in the Kingdom.

Executed / Al-Nasser
P.O. Box 7992 Riyadh 11169 Phone: 4633000