Cancelling the License of Abdulaziz Abdullah Alzamil and His Sons for Exchange Company and Its Branches

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

Saudi Arabian Monetary Authority
Head Office

Banking Policy Department

No.:
Attachments: None

Circular

Date: 1440/08/02 (H)
Attachments: None

To the Esteemed,

Peace, mercy, and blessings of Allah be upon you,

Subject: Cancelling the License of Abdulaziz Abdullah Alzamil and His Sons for Exchange Company and Its Branches.

Pursuant to Clause (c) of Article (One) and Clause (d) of Article (Three) of the Saudi Arabian Monetary Authority System, issued by Royal Decree No. (23) dated 1377/5/23H, and pursuant to Clause (a) of Article (Fourteen) of the Regulations Governing the Practice of Exchange Activities, issued by Ministerial Decision No. (1357) dated 1432/5/1H,

Please be informed that the Honorable Governor of SAMA has issued Decision No. (60) dated 1440/7/28H, based on the delegated authorities, to cancel the license of Abdulaziz Abdullah Alzamil and His Sons for Exchange Company (License No. 65/V) to conduct exchange activities - Category (A), for its head office in Al-Khobar Governorate and its affiliated branches.

Accordingly, we hope you take the necessary action regarding refraining from transactions with the aforementioned company concerning currency buying and selling, along with other banking transactions related to exchange activities, except for transactions related to the liquidation of its business, which shall not exceed three months from this decision's date, in addition to taking appropriate precautionary measures.

For your information, action in accordance with this circular, and to provide us with the measures taken regarding it within one week from its date.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.
• Category (A, B) exchange institutions and companies operating in the Kingdom.

P.O. Box 2992, Riyadh 11169 | Telegram Address: MARKAZI | Telex: 404400 | Phone: 4633000 | Fax: 4662414