Regulatory Alerts2019-04-07
Cancelling the License of Abdulaziz Abdullah Alzamil and His Sons for Exchange Company and Its Branches
Saudi Arabian Monetary Authority (SAMA) issued Decision No. 60 on 1440/7/28H cancelling the Category A exchange license of Abdulaziz Abdullah Alzamil and His Sons for Exchange Company, headquartered in Al-Khobar. Banks and Category A/B exchange firms must immediately cease transactions with the company regarding currency buying, selling, and related banking activities, except for liquidation-related transactions that must not exceed three months from the decision date. Recipients are required to implement appropriate precautionary measures and submit a report on their actions to SAMA within one week of the circular's issuance.
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