Regulatory Alerts2022-09-26
Provision of Point of Sale (POS) Services to Customers by Money Changers
The Saudi Central Bank has issued a circular requiring all licensed money changers in the Kingdom to provide and activate Point of Sale (POS) services for Mada card transactions, effective immediately. This directive implements a unified pricing model under Article 14 of the Money Changer Regulations to standardize customer services and enhance sector development. Non-compliance with these operational requirements will result in the Central Bank enforcing statutory penalties against affected institutions.
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