Regulatory Alerts2022-09-29
Added · Updated
Conducting Periodic Independent Testing and Reporting Observations of Violations of the Provisions of the Rules
The Saudi Central Bank issued this circular requiring money changer centers in the Kingdom to conduct a periodic independent test of their operations and automated systems at least annually, completing it by July 31 each year. The directive mandates that external auditors evaluate internal control systems and include at minimum any observations regarding compliance with the Rules Governing Money Changer Business in their reports. Non-compliant centers face regulatory enforcement actions, and acknowledgment of receipt must be submitted within one week of issuance.
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