Regulatory Alerts2024-09-18
Suspension of the Money Changing Business License for Hisham Khalid Suleiman Kalkatawi Money Changing Institution
The Saudi Central Bank has suspended the money changing license of Hisham Khalid Suleiman Kalkatawi Money Changing Institution, mandating all regulated banks and money changing centers to immediately cease currency transactions with the entity. Financial institutions must implement precautionary measures to verify the suspension of all financial operations and submit a compliance report via email within one week. This directive, issued under Article 33 of the Money Changing Regulations, ensures complete operational and financial isolation of the affected institution across the Kingdom's banking sector.
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