Regulatory Alerts2012-09-02
Added · Updated
Combating the practice of banking and investment business in the Kingdom without a licence
The Saudi Arabian Monetary Authority (SAMA) has directed all domestic banks and Category (A) money changers to immediately block all financial transfers to and from three foreign entities: FX SOLUTION LLC, IFX MARKETS INC., and FOREX CAPITAL MARKETS LTD. This directive formally adds these companies to the regulator’s prohibited list, mandating that financial institutions refuse any account openings, incoming remittances, or outgoing fund transfers involving them. Additionally, institutions are required to halt any suspicious transactions resembling these activities and report them directly to SAMA without delay.
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