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.
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.
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