Circular Re. Guide to Organize Operational Procedures for Money Exchange Centers

Saudi Arabian Monetary Agency
Head Office

Banking Supervision Department

Number: 361000067859
Date: 07 / 05 / 1436 AH
Attachments: Guide to Organize Operational Procedures for Money Exchange Centers

Circular

To His Excellency /
Money Exchange Companies /
General Management

Greetings,

Referring to the Regulations Governing Money Exchange Business issued by His Excellency the Minister of Finance's Resolution No. 1357 dated 01 / 05 / 1432 AH, based on the esteemed Council of Ministers' Resolution No. (1012) dated 13-07-1394 AH. This requires money exchange centers to obtain a license from the Saudi Arabian Monetary Agency to conduct money exchange business in accordance with Article Nine of those regulations, which only permits the purchase and sale of foreign currencies, traveler's checks, and bank checks (Money Exchange Centers Category A and B), and permits the conduct of money transfers inside and outside the Kingdom for those who held a license from the Saudi Arabian Monetary Agency at the time of the issuance of His Excellency the Minister of Finance's Resolution No. 1357 dated 01 / 05 / 1432 AH (Money Exchange Centers Category A).

We inform you of the issuance of the Guide to Organize Operational Procedures for Money Exchange Centers, which complements previously issued instructions and regulations, including resolutions of His Excellency the Minister of Finance, instructions issued by the Agency, and Anti-Money Laundering and Counter-Terrorism Financing rules.

Therefore, we expect all money exchange centers (Category A and B) operating in the Kingdom to comply with the provisions contained in this Guide, each concerning its respective operations, two months from the date of this circular. It will also be published on the Saudi Arabian Monetary Agency's website http://www.sama.gov.sa.

Sincerely,

Abdulaziz bin Abdulrahman Al-Hulaisi
Deputy Governor for Supervision

To:
Distribution Scope: All Money Exchange Centers Category (A, B) operating in the Kingdom

P.O. Box 2992 Riyadh 11169, Cable: Markazi, Telex: 404400 Tel: 4633000 - Fax: 4662865