Cancellation of the Currency Exchange License of Khaled Salem Saleh Abdulaziz Establishment

In the name of Allah, the Most Gracious, the Most Merciful

Saudi Arabian Monetary Authority (SAMA)
Headquarters

Banking Policy Department
No.:
Date: 1440/06/20
Attachments: None

Circular

To: ............................................................... Respected Institutions,

Peace, mercy and blessings of Allah be upon you,

Subject: Cancellation of the Currency Exchange License of Khaled Salem Saleh Abdulaziz Establishment.

Based on Paragraph (d) of Article 3 of the Saudi Arabian Monetary Authority System issued by Royal Decree No. 23 dated 1377/5/23H, Paragraph (b) of Article 2 of the Banks Control System issued by Royal Decree No. M/5 dated 1386/2/22H, and Paragraph (a) of Article 14 of the Rules Governing Currency Exchange Activities issued by Minister of Finance Decision No. 1357 dated 1432/5/1H,

Please be informed that His Excellency the Governor of SAMA issued Decision No. (58) dated 1440/6/14H, based on the delegated authorities, to cancel the currency exchange license of Khaled Salem Saleh Abdulaziz Establishment issued by SAMA under No. (108/ص) to conduct currency exchange activities - Category (B), for its headquarters in Riyadh City.

Therefore, we hope you take the necessary actions regarding refraining from transactions with the aforementioned Establishment concerning currency buying and selling, along with other banking transactions related to currency exchange activities, except for transactions related to the liquidation of its business, which shall not exceed three months from the date thereof. Additionally, please take appropriate safeguard measures and provide us with the actions taken regarding this within one week from its date.

Accept my regards,

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: MARKAZI, Telex: 404400, Phone: 4633000, Fax: 4662414